There are a number of pension consolidation services in the UK that can help you trace old and lost pensions, doing all of the administration on your behalf. There is no limit on the number of pensions you can ask them to track down – particularly useful if you have had a long and varied working career – and in most cases the service is completely free.
How do pension tracing services work?
Pension tracing services will initially require some key personal information, such as your name and National Insurance number to get the ball rolling. Although it is not essential, providing further information, such as employer names and employment dates, can help speed up the process of tracking down your old workplace pensions.
Depending on the service you choose, you may be given a summary of the benefits and potential charges that can apply if you choose to transfer your pension to an alternative provider.
Once found, you may decide to consolidate your pensions into one easy-to-manage plan, which most pension tracing services can facilitate. It is worth noting that you are under no obligation to consolidate your pensions with the company that helped to track down your pensions.
Can I use the Pension Tracing Service on GOV.UK?
Yes, the Pension Tracing Service on the GOV.UK site is a free service that can help you to find old and lost pensions. The service is relatively basic, however, as its purpose is to provide you with the relevant contact details of the pension administrator and it is then down to you to liaise with them directly. The rest of the pension tracing services mentioned in this article will undertake this work on your behalf.
Key considerations when choosing a pension tracing service
There are a few considerations when choosing the best pension tracing service. If you have no intention of using the service to consolidate your old pension pots, the decision ultimately comes down to the level of service and whether they charge a fee to track down your pensions. If you plan on using the service to transfer and consolidate your pensions, then you may want to dig a little deeper and consider the following:
- Does the service check pension benefit entitlements?
- Are there any fees for tracking down your pensions?
- Can you consolidate all of your pensions using the service?
- Does it provide any guidance if you choose to consolidate your pension pot?
- What are the ongoing fees if you transfer your pension to the pension tracing provider?
- What investment choice is there and are there any exit fees if you decide to transfer your pension elsewhere?
Check out our article 'What is pension consolidation and how do I do it?' to learn more about pension consolidation. If you have concerns over whether you should consolidate your existing pension pots then check out our article 'Should I combine my pensions? What you need to know'.
If you have a defined contribution pension, then we would recommend that you read our article 'Should I transfer my final salary pension?'
Pension tracing services compared
Below we have compared 6 of the best pension tracing services in the UK. We have provided the key information including the fees for using the service, whether you can use the service to consolidate your pension plans and also the Trustpilot scores of each.
| Aviva | Moneyfarm | Penfold | PenionBee | Profile Pensions | The Pension Tracing Service | |
| Check pension benefits? | Yes. Checks for safeguarded benefits | Yes. Checks for safeguarded benefits | No | Yes. Checks for safeguarded benefits | Yes. Checks for safeguarded benefits | Yes. A pension specialist will advise on the value of your pensions and how well they are performing |
| Check for charges? | Yes | Yes | No | Yes (if more than £10) | Yes | Yes |
| Fees for tracing your pensions | Free | Free | Free | Free | 1% fee taken from your pension when you transfer | Fees may apply if you choose to take financial advice |
| Option to consolidate into one plan | Yes | Yes | Yes | Yes | Yes | Yes if you choose to speak to a financial adviser (fees apply) |
| Minimum pension transfer requirement | N/A | £500 | N/A | N/A | N/A | N/A |
| Pension Guidance | No | Yes - Matched to the most suitable option when you sign up | No | No | Yes - Matched to the most suitable option when you sign up | Yes - You can choose to speak to a financial adviser who can help you select a pension that best suits your needs |
| Default pension | Universal Retirement Fund | N/A | Standard Pension Plan | PensionBee Tailored Plan | N/A | N/A |
| Pension fees if you choose to consolidate | 0.75% (includes fund manager charge and Aviva charge) | 0.25% to 0.75% plus fund fees averaging 0.20% | 0.75% up to £100,000 and 0.40% for any amount over £100,000 | 0.70% up to £100,000 and 0.35% for any amount over £100,000 | 0.82% to 0.86% (includes platform fees, fund fees and service fees) | Advice fees (if selected) as well as ongoing platform and fund fees with the chosen pension provider |
| Trustpilot Score | 4.1 | 4.3 | 4.4 | 4.7 | 4.6 | 3.9 |
| Link | Aviva 'find and combine' service | Moneyfarm 'find, check and transfer' service | Penfold 'find and combine' service | PensionBee | Profile Pensions - Tracing service | The Pension Tracing Service |
£100 to £2,000 Pension Cashback Offer
Make a qualifying deposit or transfer a pension to our partner Interactive Investor.
- Deposit or transfer a pension of at least £10k and you could earn between £100 to £2,000 cashback
- Terms and Fees apply, Capital at risk
- New customers only
- Offer ends 30th September 2024
Before starting your transfer, check you won't lose any valuable benefits (such as guaranteed annuity rates or a lower protected pension age) and find out what exit fees you might have to pay.
