How to find lost pensions now as savers face four-year wait to see all pots in one place
SAVERS are facing a four-year wait for much anticipated new technology that will let them view all their pension pots in one place online.
The new tool, known as the pensions dashboard, was first mentioned in 2016 but won't go completely live until 2025.
Around 1.6 million savers have lots their pension pots, according to the Association of British Insurers.
This could be because people have moved jobs and lost documentation or you may not have realised that you were enrolled onto a pension scheme.
You could have a pension from several providers if you move jobs regularly, especially as companies have had to auto-enrol staff onto pension schemes since 2012 to boost retirement saving.
This can make it hard to keep track of all your pots.
The government first announced plans to tackle this in the 2016 Budget and setup the Pensions Dashboard Programme (PDP) to work with providers.
The idea is that savers will be able to see the value of their different retirement pots and who manages it in one place online rather than waiting for annual pension statements or not knowing where your money is.
The pensions dashboard has been hit by delays as the industry argued over the design and how to provide the data but the PDP has now set out a timetable for when 32,000 providers need to start supplying data.
The PDP has launched a consultation outlining three waves.
This is a free government service that lets you find your own workplace or personal pension scheme or someone else's if they give permission.
You can search online by entering the name of your employer or old pension provider.
The service will tell you who managed your old company's scheme and you will then need to contact them.
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