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How can we close the pension gap?

Cash could be waiting to be found

The government’s ongoing ‘Pensions Review’ is looking at how to deliver better outcomes for members.

Moves to reduce lost pensions will do a lot to make sure much needed pension savings don’t go astray.

But we should always be making efforts to encourage employees to find any old or lost pensions – it can potentially add thousands of pounds to their retirement savings. The steps to share with employees are simple:

• Make a list of all your employers and check to see if you have pension paperwork for them.

• If you can’t find any pension paperwork but think you might have a pension with them, contact the government’s pension tracing service.

All you need is either your employer’s name or your pension provider’s name. The service can’t tell you if you have a pension with them, but they can give you contact details so you can find out.