New ServicesNew pension tracing service website launched by DWP

New pension tracing service website launched by DWP

A new DWP website has been launched by the Pension Tracing Service to help people more easily and quickly locate their lost pension savings.

A new DWP website has been launched to help people more easily and quickly locate their lost pension savings.

There is currently an estimated £400m in unclaimed pension savings. This is money people have previously saved for their retirement, and the new website will better help people to locate their hard-earned savings.

DWP says its wider pension reforms are creating a dynamic market where people have greater freedom and flexibility over their savings, something that it is expected will increase demand for the Pension Tracing Service.

 

Tried and tested

The new service is simple to use and provides trace results immediately. Individuals enter their former employers’ details into the online database and are provided with contact details for pension schemes into which they may have paid.

The new website has been tested with users, with 83% either ‘satisfied’ or ‘very satisfied’ with the service they received.

There were 169,000 tracing requests in 2015/16 (this covers the online service, agent referred, telephony and postal channels). Over the past ten years there has been a 436% increase in tracing requests.

 

Go further

Tom McPhail, head of retirement policy at Hargreaves Lansdown, said: “This is a welcome development; The Pension Tracing service will help people track down lost pension pots and can dovetail with the forthcoming development of the expanding Pension Wise service.

“The government and pensions industry is also working on the Pension Dashboard, which will help investors view all their pension pots in one place.

“We would like to see the government go further and to modify the terms of auto-enrolment to allow employees to select the pension into which their employer pays their pension contributions. This would help to put the individual at the heart of the pension system.”

Related Articles

Peterborough set to unlock economic potential with full fibre roll-out

5G & Mobile Peterborough set to unlock economic potential with full fibre roll-out

5m Austin Clark
Six 5G projects receive £25m funding

5G & Mobile Six 5G projects receive £25m funding

5m Austin Clark
Electoral fraud prevention campaign launched ahead of May elections

New Services Electoral fraud prevention campaign launched ahead of May elections

5m Austin Clark
New tech to help fight terrorist content online

New Product / Technology New tech to help fight terrorist content online

6m Austin Clark
Glasgow finalises £30m fibre WAN deal

Digital Procurement Glasgow finalises £30m fibre WAN deal

6m Austin Clark
Ofcom presses ahead with auction of 4G and 5G spectrum

5G & Mobile Ofcom presses ahead with auction of 4G and 5G spectrum

7m Austin Clark
Bracknell Forest Council appoints Invotra to transform Intranet

Digital Procurement Bracknell Forest Council appoints Invotra to transform Intranet

9m Austin Clark
Digital telecare: Looking beyond usual technology to deliver better citizen outcomes (case study)

Digital Customer Service Digital telecare: Looking beyond usual technology to deliver better citizen outcomes (case study)

10m Austin Clark