Pension: Free tools can help track down pensions and tell you how they work
Pensions can be tracked down using a tool provided by the government. On the government’s website, it is possible to find the contact details for any pension scheme operator in the UK. This is the case for workplace as well as personal pensions
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The tool on the government’s website will provide the user with contact details for a pension scheme but it will not detail if the user has a pension with them or what the value is.
To start with, the user will need the name of an employer or pension provider.
The tool will start by asking the user if they are tracking down an NHS, civil service, teacher or armed services pension.
It will then ask if the type of pension is a workplace one or personal.
The final screen will ask the user to type in the employer’s name.
Once the name is entered, a list of all registered companies associated with that name will be displayed.
From here the user will be provided with the contact details for whichever company it is, they can then contact the company itself for more information.
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This service will be useful for anyone who has lost a pension, but there may still be some questions remaining once a pension is found.
There are many types of personal pensions and each one will have unique rules and features.
Thankfully, Pension Wise have another tool available for checking on pension types.
Beyond this, they may even be able to offer free appointments where details can be discussed thoroughly (although this may be restricted due to coronavirus).
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This tool starts by asking if the pension being checked on was set up by an employer.
It will then ask if the pension is from a public sector organisation. The next screen details some of the biggest pension providers in the UK such as Aviva, Standard Life and Zurich.
Based on the users choices, the final screen will outline what pension type it most likely is.
It could be a defined contribution, defined benefit or other type of pension.
Regardless of what type is detailed, further information will be provided. The tool will provide a brief breakdown of what options the user has for the pension in question.
Many people will likely be worried about their pensions at the moment due to coronavirus and its impact on the economy. Stock markets across the world have dived in recent weeks, most likely due to coronavirus fears.
This will have an impact on pensions which are usually invested in the stock market. Actions have been taken to mitigate these problems however. The Bank of England has lowered the base rate to 0.1 percent in an effort to get the economy going.
Rishi Sunak has also pledged that he will support whoever needs it going forward. He has repeatedly stated that he will do “whatever it takes” and so he may provide some support to pensioners in the coming weeks.
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