Lost pots and many jobs

Lesson 8 of 13 in our free Pensions guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Pensions is free for everyone.

Questions you'll answer

Mo is thinking of combining his small pots into one. What should he check first?

Red flag: “we've found £4,800 in lost pensions in your name!” — Out-of-the-blue contact saying they've 'found' your money is the bait. You can trace lost pensions yourself, free, with the government's Pension Tracing Service.
Red flag: “Release it NOW, even before age 55” — Accessing pensions early (outside rare cases like serious ill health) can trigger huge tax charges. Classic scam hook.
Red flag: “— just pay a £99 tracing fee” — The government's Pension Tracing Service is free.
Red flag: “and send us your NI number and bank details.” — Never share these with someone who contacted you out of the blue.
Red flag: “This offer expires in 2 hours!” — Fake urgency.
Fact: “The Pension Tracing Service is free.” — It's a government service. Anyone charging to 'trace' is a red flag.
Myth: “Pension providers will find your new address automatically if you move house.” — Only if they have your new address. Update them when you move.
Fact: “You can check old payslips or P60s for clues to old pension schemes.” — They often show pension deductions and the employer's name.