Q: I paid into a pension in a previous job. But is it worth tracing it?
A: It is a huge mistake to assume it is not worth your while tracking down a lost pension. Not getting hold of a forgotten or lost pension may mean that a person coming to retirement could end up missing out on pension savings that could make a big difference to their standard of living.
Q: So, how exactly did these pensions get lost?
A: People may have moved jobs and have failed to tell their old employer where they now live. They could have worked abroad and records have been misplaced.
They may have worked in a company that has closed and assume that the pension is gone too. That is often not the case. Spouses may also be entitled to part of a pension of a deceased husband or wife.
Q: What do I do to trace a forgotten pension?
A: Dig out any old pension documentation as that will have contact details for the pension administrator or trustee.
If you have lost all the documents associated with an old pension, contact the company you worked for and see if the human resources department can help.
Q: What else should I do?
A: Make sure whoever administers the pension scheme has your up-to-date address, Jerry Moriarty of the Irish Association of Pension Funds advises. Keep a list of companies to notify when you move.
Also try to make sure these companies have contact details that are unlikely to change, such as a personal email address or mobile number. Once your pension is due to be paid, the trustees have a legal duty to pay it and will make some effort to find you.