New service draws on database of 32,000 pension scheme administrators and 83% approval rating in tests
The Pension Tracing Service in the Department for Work and Pensions (DWP) has launched a new website to help people track down lost pension savings.
It said it provides a search of a database covering 32,000 pension scheme administrators and provides trace results immediately. Individuals enter their former employers’ details into the online database and are provided with contact details for pension schemes they may have paid into.
Minister for Pensions, Baroness Ros Altmann said: “People have had on average 11 jobs during their working life which can mean they have as many workplace pensions to keep track of.
“The new DWP online Pension Tracing Service helps reunite people with their lost pensions, giving details of providers to help people track them down.”
The DWP said that in tests, 83% of users were satisfied or very satisfied with the website.
It highlighted the case of one user, Yvonne Mavin, who used the service to discover a £10,000 pension pot with Aviva. It came from an employer she had worked for 30 years previously.
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