FAQs – National Pension Tracing Day

What is National Pension Tracing Day? 

National Pension Tracing Day is an annual campaign, usually marked on the last Sunday of October, encouraging people to find and reconnect with pensions they may have lost track of, particularly pensions from previous employers. 

For employers, it provides a useful opportunity to encourage employees to engage with their retirement savings and make the most of their workplace benefits. 

Why should employers encourage employees to trace old pensions? 

Employees may have built up pension savings with several previous employers throughout their careers. If these pensions are no longer actively managed or remembered, employees may not have a clear picture of their overall retirement savings. 

Encouraging employees to trace old pensions can help them understand what they have and support better engagement with their long-term financial planning. 

How can employers support National Pension Tracing Day? 

A DB pension provides a guaranteed income in retirement, usually based on salary and length of service.
A defined contribution DC pension is based on how much is paid in and how investments perform. The final retirement outcome isn’t fixed and depends on the value built up over time.

Does tracing an old pension mean an employee should combine their pensions? 

Finding an old pension and deciding what to do with it are two separate things. 

There can be advantages to combining pensions in some circumstances, but there may also be fees, investment considerations or valuable benefits that employees need to understand first. 

Employees should consider their individual circumstances and understand their options before making a decision. 

What information might an employee need to trace a pension? 

Previous employer details, dates of employment and old pension paperwork can all be useful starting points. 

The government’s Pension Tracing Service can also help people find contact details for pension schemes they may have been part of. The National Pension Tracing Day website houses links to helpful organisations to support employees to search with confidence. 

How does this fit into financial wellbeing? 

Pensions are a significant part of many employees’ financial lives, yet they can be easy to disengage from, particularly when they relate to previous employers. 

Helping employees understand their pensions and take positive steps towards their retirement can form an important part of a wider financial wellbeing strategy. 

Where can I find out more about National Pension Tracing Day? 

Visit the National Pension Tracing Day website to find out more about the campaign, how to get involved and how employees can start their pension tracing journey.