Have you ever changed jobs, moved house or lost track of paperwork from an old employer? You could have a pension pot sitting somewhere that you’ve simply forgotten about.
This Sunday, 25 October, is National Pension Tracing Day — a great opportunity to spend a little time getting your pension paperwork in order and checking that you haven’t lost track of money you’ve worked hard to save.
With people often moving between employers throughout their working lives, it’s surprisingly easy to lose sight of an old workplace pension. National Pension Tracing Day aims to raise awareness of the importance of finding lost pensions and reconnecting people with their retirement savings.
Why do pensions get lost?
It doesn’t necessarily mean your money has disappeared. Often, it’s simply a case of losing contact with a pension provider.
Perhaps you:
Have worked for several employers over the years.
Were automatically enrolled into a workplace pension without giving it much thought.
Have moved house and forgotten to update your address.
Have changed your name or misplaced old pension statements.
Have several small pension pots and aren’t sure who manages them.
Even a pension from a job you held many years ago could be worth investigating. Finding all your pension pots can help you build a clearer picture of your retirement savings and understand what you may have available in the future.
How to trace an old pension
The good news is that you don’t need to have every document to get started.
Here are a few practical steps you can take this weekend:
Make a list of your previous jobs. Think back over your employment history and note the names of employers and roughly when you worked for them.
Look through old paperwork. Payslips, P45s, P60s, employment contracts and old pension statements may contain useful clues.
Contact former employers. They may be able to tell you which pension provider they used.
Use the Government’s Pension Tracing Service. This free service helps you find contact details for workplace and personal pension schemes. You’ll need the name of an employer or pension provider to search. It won’t tell you whether you have a pension or how much it is worth.
You can start your search here: Find pension contact details – GOV.UK.
Payroll & workplace pensions: more complicated than you might think
At Cashtrak, we’ve long championed the work of our payroll bureau, supporting clients with both payroll processing and workplace pension administration.
It’s easy to underestimate just how complex payroll and workplace pensions can be. They involve far more than simply calculating wages or deducting a pension contribution from an employee’s pay each month.
Employers have a wide range of responsibilities, and getting everything right can involve:
Processing payroll accurately and ensuring employees are paid correctly and on time.
Calculating tax, National Insurance, statutory payments and pension contributions in line with current legislation.
Assessing employees to determine who must be automatically enrolled into a workplace pension scheme and who is eligible to join.
Managing pension enrolments, opt-outs and re-enrolments while keeping payroll records up to date.
Submitting payroll information to HMRC and pension contribution data to pension providers within the required timescales.
Providing employees with the appropriate payroll and pension communications.
Maintaining accurate records and ensuring compliance with ongoing payroll and pension duties.
These responsibilities are closely linked, with payroll and workplace pensions working hand in hand. Changes in pay, working hours, employee status or pension choices can all affect an employer’s obligations, making accuracy and attention to detail essential.
That’s why we believe good payroll support is about so much more than producing payslips. Behind the scenes, there is a considerable amount of administration, legislative compliance, checking and coordination required to help employers meet their responsibilities and avoid costly mistakes.
Our payroll bureau helps manage this complexity, giving clients valuable support with two areas of running a business that can otherwise be time-consuming, confusing and subject to ever-changing regulations.
Of course, employers remain responsible for meeting their legal obligations, but having knowledgeable payroll and workplace pension support can make a real difference.
National Pension Tracing Day is a reminder for employers, too
While Sunday is a great opportunity for individuals to track down old pension pots, it’s also a useful reminder for employers to make sure their workplace pension arrangements are being looked after properly.
If you employ staff, it’s worth checking that your payroll and pension processes are up to date, contributions are being handled correctly and your ongoing employer duties are being met.
And if you’ve changed payroll provider or pension scheme in the past, make sure you know who is responsible for each part of the process.
Make this weekend count
Whether you’re an employee looking for an old pension or a business owner wanting reassurance that your payroll is being managed properly, a little attention now can help prevent problems later.
This Sunday, take a few minutes to check your pension history. You could discover savings you’d forgotten about and take an important step towards understanding your financial future.
Need support with payroll or workplace pensions?
At Cashtrak, we understand that running a business involves much more than keeping the books balanced. Our payroll services help business owners manage their payroll responsibilities, with support from our payroll bureau on the important details behind the scenes.
Get in touch with Cashtrak to find out how we can help you spend less time worrying about payroll administration and more time running your business.