There are many UK pension accounts which are dormant. It is estimated that more than £750bn worth of pension are being held by dormant pension accounts. By year 2050 it is estimated that more than £750bn will be held in dormant pension accounts if the trend continues. This makes it necessary for those who have dormant pension accounts to look for ways of tracing them. There are different reasons which can lead to the pension accounts becoming dormant. For example, the account holder may transfer his place of employment which will lead to the account becoming dormant.
Some employees are ignorant where they fail to follow the pension accounts which may have been started by their employers. There are also personal pension accounts that are dormant. This can be brought about due to migration of people abroad where they ignore the accounts which they had started in the United Kingdom. There are two approaches which can be used to trace lost pension in the UK. The way you will follow up lost workplace lost pension schemes is different from the way you will follow a personal pension scheme that has been lost.

You can follow and from where you will access a lot of information about pension schemes that are dormant. You can easily locate yours from, the government database.

Tips on How to find a lost UK pension fund

Check out the names which the employer traded in. Some employers will change the names under which they traded when you were working for them. This can make it hard for you to trace workplace pension schemes that may have been started by them. In order to trace such pension schemes. You should carry out your research online from where you will get to know the change of names of the company. You can easily access the information from the official website of the company.

Search by business type

There are different types of businesses that can be run in the United Kingdom. For you to find it easy while searching for the pension schemes, you should search in govern websites that offer the services of searching for the pension schemes by use of the type of businesses that the company was running. You can also access necessary help from private organizations that offer the services of searching for lost pension schemes after you avail to them the name of the business that the company used to run when you were working with them.

Check on the change of address

Any change of the address of the company can lead your pension scheme to being lost. You should check whether the address was changed from where you will easily trace your pension account. You should also take note of the years in which you belonged to the scheme so that your search will be accomplished within the shortest time possible.

How to find a lost UK pension fund in Personal pension schemes

This is a pension plan which can be provided by a pension provider such as a life insurance, bank or a building society. It is an effort that is made by individual. The pension can be lost due to different reasons. For example, you may move abroad where it becomes hard for you to follow up the pension. Here are simple steps you should take to find the pension scheme:

Check your documents for the name of the pension scheme

After you check your personal documents you will get the name of the personal scheme. This will help you to search in government and other databases that offer lost pensions recovery services.

Use the address to run your search

There is address which will indicate where the pension scheme was run from. You can use the address for you to access useful information from the databases. In case the address was changed at some points, you should follow up the history of the pension provider for you to make your work of following up your lost pension easier.

Search for the name of the pension provider

Among the first steps you should take is to note down the name of the pension provider. For example, you should know the name of the bank, building society or insurance company. The name will help you to search in database of government or companies that offer the pension scheme search services.