finding lost pensions

How We Help Pension Companies Locate Lost Pension-Holders

How We Help Pension Companies Locate Lost Pension-Holders: Key Summary

  •  Over £31 billion is sitting in pension pots which are unable to be matched to their rightful pension-holders in the UK.
  • Why pensions go missing: Job changes, moving home, and company mergers often cause pensions to go unclaimed.
  • How Tremark helps: We use investigative expertise to trace people for pension companies so they can reconnect them with their old pensions.
  • What pension companies can do: Encourage people to keep records, update contact details, and think about consolidating pensions.

 

As a pension provider, you play a key role in ensuring that the pensions you manage reach the right people. But locating individuals linked to old pension pots isn’t always straightforward. With billions of pounds unclaimed, taking a more thorough approach is crucial. That’s where Tremark comes in. We combine technology with human investigation to track down individuals for pension companies, ensuring they can be reunited with their rightful pensions.

This blog explains why pension-holders become hard to locate, how we help trace them, and how pension companies can prevent pension-holders from losing touch with their pensions in the future.

The Scale of Lost Pensions in the UK

Right now, vast sums of money are sitting in lost pension pots across the UK. The Association of British Insurers reports that there are 2.8 million unclaimed pension pots worth £26 billion. Some estimates suggest the figure exceeds £31 billion. This money belongs to individuals who may not even realise they have unclaimed funds.

Pension companies have a duty to maintain correct records of their customers, however this can be a challenge.  People change jobs, move homes, or companies merge, making it difficult to track down the correct individuals. That’s where Tremark comes in. We have over 29 years expertise in locating hard-to-find individuals.

somebody placing money into their lost pension pot

Why Do Pension Holders Lose Touch With Their Pensions?

1. Job Changes

In the UK, people change jobs 11 times on average in their career. Each time, they may get a new pension, and old pensions can get forgotten.

2. Moving Home

Two-thirds of people don’t tell their pension provider when they move. That means pension details can go to old addresses, meaning that the pension holder often loses touch with their pension.

3. Company Closures or Mergers

When companies close, merge, or are acquired, their pension schemes may be transferred to new providers. Employees may lose track of key details during this process and become separated from their pension.

4. Lack of Awareness

Many people simply forget about pensions they contributed to earlier in their careers, particularly if they only worked at a company for a short time or made minimal contributions.

a pink piggy bank on a surface demonstrating the concept of finding a lost pension

How Tremark Helps Pension Companies Locate Lost Pension-Holders

At Tremark, we don’t just rely on automated searches. Our expertise in tracing people helps pension companies locate the right individuals, even when records are outdated. Here’s how we do it:

1. Receiving Instructions and Initial Information

We receive instructions directly from pension providers, either individually or in bulk. Typically, we are given the pension holder’s name, date of birth, and last known address, which could be anywhere from one year to 40 years old.

2. Starting the Search

We begin our inquiries using the subject’s name and last known address. Our first step is to check if the subject was ever on the electoral register at that address. This helps confirm the subject’s date of birth and may also reveal additional details, such as the names of a spouse or children (if over 18), giving us more avenues to explore.

3. Database and Electoral Register Searches

Through comprehensive database searches, we gather information about the subject’s electoral register history and any opt-outs from the public register. These searches also help us identify previous addresses or any forwarding addresses. In some cases, we may discover a direct forwarding address that allows us to make further inquiries.

4. Investigating Further

If we don’t find a forwarding address right away, we continue our search by contacting relatives or people connected to the subject. Using information from the electoral register or other records, we reach out to family members or associates to request updated contact details or to ask if they can pass our information on to the subject.

5. Utilising Additional Resources for Tougher Cases

For harder-to-trace subjects, we don’t just rely on databases. We actively seek other forms of contact, such as telephone numbers and email addresses, which we may discover during the investigation. These become crucial for reaching out to the subject directly or through family members if no forwarding address is found.

a cardboard cut-out of a pensioner on a stack of coins, implying retirement and pension age

How Pension Companies Can Prevent Lost Pension-Holders

While Tremark helps pension companies trace people linked to lost pensions, there are steps pension companies can take to prevent pensions from being separated from the pension holder in the first place:

1. Keep a Record

Urge customers to maintain a list of all their pension schemes, including provider details, account numbers, and contribution records.

2. Update Contact Details

Remind clients to update their contact details whenever they move or change phone numbers. This ensures they remain reachable for future pension updates.

3.  Pension Consolidation

Pension companies could offer a pension consolidation service, consolidating them into one can make it easier for both customers and pension providers to manage.

hands covering two cardboard cut-outs of pensioners

FAQs on Helping Pension Companies Locate Lost Pension-Holders

Q: How can Tremark help my company find lost pension holders?
A: Tremark uses investigative expertise and databases to track down individuals, helping pension companies reconnect them with their pensions.

Q: How long does it take to locate a pension holder?
A: It depends on the complexity of the case. Some are resolved quickly, while others require more in-depth investigation. We always work efficiently to get results as soon as possible.

Q: What information does Tremark need to start the search?
A: We need details like the pension holder’s name, date of birth, and last known address.

somebody holding money for their pension, with the word 'pension' written on a piece of paper

Conclusion on Reuniting Lost Pensions with the Right People

Lost pensions are a growing challenge for pension companies, but with Tremark’s expertise, you can track down the individuals linked to them. We go beyond automated searches, applying real investigative work to ensure pension holders can be found and reunited with their funds.

If your pension company needs help locating people connected to lost pensions, contact Tremark today. We are a certified British Standard BS102000 and ISO9001 company and have built our 29 years of expertise in the industry on strong ethics and compliance with regulations and codes of conduct. We’re here to assist in reuniting pension holders with what’s rightfully theirs.

 

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