Pension Tracing Service expansion
04 February 2015
The free government service that helps people find lost pension cash is undergoing a major expansion, ahead of April’s pension freedoms.
The Newcastle-based Pension Tracing Service (PTS) will triple its number of staff – taking the total headcount to 49 – ahead of a rising number of calls from people seeking help to find lost pension pots.
Last year the service was contacted a record 145,000 times – double the amount in 2010 – and in an impressive 87% of cases, staff successfully managed to put customers back in touch with their lost pension provider.
With 98% of enquiries from members of the public dealt with in just 4 days, the government is determined to continue its excellent track record and do everything it can to ensure people have access to all of their money.
Minister for Pensions Steve Webb said:
“With people having an average of 11 different jobs during the course of their working lives, it can be very easy to lose track of pensions they may have built up with previous employers.
If you contributed to a pension in a previous job and don’t have any details any more, it would be worth contacting our free PTS to see how you can be reunited with your lost pension pot.
Whilst we have plans to help people combine their pension pots in future when they change jobs, there are still too many scattered and lost pensions, and we are working hard to make sure people get what they are entitled to.”
Estimates suggest that there could be as many as 50 million dormant and lost pension pots by 2050.
From April the PTS will be complemented by the government’s free and impartial service Pension Wise, which will offer guidance to people over 55 about how they can make the most of the new pension freedoms once they take effect.