Why Tracking Your Pension Is One of the Most Important Financial Tasks You Can Do
The ABI estimates £26.6 billion in pension assets sits in forgotten or unmonitored pots across the UK. The average unclaimed pot is worth £9,700. The average UK worker changes employer 11 times — each potentially creating a new pension arrangement. Without systematic tracking, these pots accumulate across multiple providers, some of which have rebranded or merged multiple times. Finding, consolidating, and optimising these arrangements can meaningfully increase retirement income.
Step 1: Check Your State Pension Forecast
The most important pension check for most UK residents. Access it at gov.uk/check-state-pension through a Government Gateway account. The service shows your NI record year by year, your current projected State Pension amount, any gaps with explanatory status, and your State Pension age. Save a PDF copy at least every two to three years, and immediately after any change in employment status. If you spot apparent errors — years that should show credits for benefit periods or Child Benefit but do not — contact HMRC's NI Contributions office to investigate.
Step 2: Locate Workplace Pension Pots from Previous Employers
Review your records: old payslips, P60s, employment contracts, and any pension correspondence. Contact former employers' HR departments — most maintain records of which pension scheme was used during specific employment periods. Use the Pension Tracing Service (0800 731 0193 or gov.uk/find-pension-contact-details) — a free government service holding details of over 200,000 pension schemes. Provide an employer's name and approximate employment dates to receive scheme administrator contact details.
Step 3: The Pensions Dashboard — Fully Operational in 2026
The UK's Pensions Dashboard allows individuals to view all pension information — State Pension forecast, workplace pension values, and personal pension details — in a single secure online interface. All pension schemes are required to be connected by October 2026, making it the most comprehensive pension tracking tool ever available to UK residents. For the first time, every pension saver can access a single, comprehensive view of their complete retirement savings position.
"The Pensions Dashboard represents the most significant improvement in pension transparency for consumers since auto enrolment. For the first time, finding all your pension pots will be as straightforward as logging into a secure online service."
Step 4: Contact Providers Directly
Once providers are identified, request: current fund value; annual management charge and all ongoing fees; investment funds held and their performance over 1, 3, and 5 years; any guaranteed benefits or protected features; drawdown options; and transfer value if consolidation is being considered. Keep a written log of all contact with date, representative name, reference number, and specific information provided.
Step 5: Establish an Annual Review
Annual review should cover: current values across all pensions; total projected retirement income at planned retirement age; assessment of whether projections meet objectives; and identification of required actions — contribution increases, investment fund changes, or consolidation. Pauras conducts comprehensive annual reviews for all ongoing clients. Contact us for a free initial pension review.
A qualified pension adviser with expertise in UK State Pension, private pension planning, and expat pension arrangements. Providing regulated advice at Pauras since 2012.
