When people move between jobs, it can be easy to lose track of previous workplace pensions. Over time, this can make it harder to understand the bigger picture when planning for retirement.
As a sponsor of National Pension Tracing Day, we joined fellow campaign supporters at Bluewater Shopping Centre on 3rd October to help tackle this issue. Our pension experts were on hand to speak with members of the public, answer questions and offer guidance on how to trace pensions they may have lost track of.
The activation was part of this year’s Licence to Trace campaign, which brings the pensions industry together to help more people reconnect with their retirement savings. We’re proud to support an initiative that puts pension members at the heart of the conversation and encourages people to take practical steps towards finding lost pensions.
Keeping the focus on retirement outcomes
For Matthew Mitten, Director of Secondsight, supporting National Pension Tracing Day reflects the importance of keeping pension members at the centre of the industry.
“Secondsight has always been passionate about helping the people that operate and work within pensions, but often the members are the ones that sometimes get forgotten about,” he explained.
While governance, scheme management and regulatory requirements are essential, it’s important not to lose sight of what pensions are ultimately designed to achieve: helping people fund their retirement.
As Matt put it:
“Pensions are there for people to ensure they get a decent retirement when they stop working.”
For employers and HR professionals, this is an important consideration. Providing a workplace pension is a key part of an employee benefits package, but helping people understand their pensions and stay engaged with them throughout their careers can also support their long-term financial wellbeing.
Bringing pension expertise to the public
The Bluewater activation gave our pension experts the opportunity to engage directly with people who may not have known where to start with tracing an old pension.
Having access to guidance and practical resources can make the process feel more manageable, particularly for people who have changed jobs several times or lost contact with previous pension providers.
Gavin Zaprzala-Banks, Head of Client Consulting at Secondsight, reflected on how National Pension Tracing Day has developed over the past six years, growing from a small idea into a campaign supported by organisations across the pensions industry.
“We knew we couldn’t do it on our own,” Gavin said.
He explained how sponsors have helped extend the campaign’s reach and encourage more people to reconnect with their old pensions. Reflecting on its growth, he added:
“It’s evolved from that little acorn that it began as the way you see us now, in the middle of a shopping centre with thousands of people coming by and walking and talking to us.”
The activation demonstrated the value of bringing the pensions industry together to make information more accessible and help people feel confident taking the first step towards finding their lost pensions.
What employers and HR teams can do
There are estimated to be more than three million lost pension pots in the UK, representing billions of pounds in savings that people may not know they have.
When employees move between jobs, their previous workplace pensions usually remain with their existing providers. Over time, it can become difficult to remember where those pensions are held, particularly after several career moves.
Employers can help by making pension tracing part of their wider financial wellbeing communications. Sharing trusted resources, signposting employees to the government’s Pension Tracing Service and reminding them to check for pensions from previous jobs are simple ways to encourage action.
With National Pension Tracing Day on 25th October, HR teams have an opportunity to bring the subject into workplace conversations and help employees build a clearer picture of how prepared they are for retirement.
Help your employees get on the case
We’re proud to sponsor National Pension Tracing Day and support the wider effort to help people reconnect with their pensions.
Employers and HR teams can get involved by sharing the campaign resources and checklist with employees, encouraging them to review their pension history and trace any pensions they may have lost track of.
Visit nationalpensiontracingday.co.uk to explore the resources and help your employees get started.
