The Pension Tracing Service has launched a new DWP website to help people find any lost pension savings more easily. There is currently an estimated £400 million in unclaimed pension savings. This is money people have previously saved for their retirement, and the new website should better help people to locate their retirement savings. Pension savings may be a key asset on divorce and the parties will have a duty to make sure they disclose all their pension details. This new website should make that easier and quicker. Minister for Pensions, Baroness Ros Altmann, said:
"People have had on average 11 jobs during their working life which can mean they have as many workplace pensions to keep track of. "The new DWP online Pension Tracing Service helps reunite people with their lost pensions, giving details of providers to help people track them down. "I'd encourage anyone who thinks they may be missing out on any savings to use the free online service at www.gov.uk/find-pension-contact-details."
If you would like any advice about pensions on divorce or separation, please contact us on 01293 596900 and speak to our Family Law team.