We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Secured Loans > Pension tracing service triples to meet record demand

Pension tracing service triples to meet record demand

3rd February 2015 | Published by Evo Money

The Pension Tracing Service will be tripling its number of staff, to help people trace pension pots they have lost track of, in order to cope with record numbers of enquiries.

The service is free to members of the public and helps them to locate former pension providers whose details they may have lost because they have changed jobs.

145,000 people contacted The Pension Tracing Service during 2014, twice as many as in 2010.

The National Association of Pension Funds estimates that there may be as many as 50 million dormant and lost pension pots by 2050.

Steve Webb, minister for pensions, said that whilst the government intends to help people to combine their pension pots if they change employers, there are still too many lost pensions.

The operational manager of the Pension Tracing Service, Jill Scott, said that being able to recover missing pension funds will put them in a much better position when they make the transition into retirement. She added that it is surprisingly easy to lose track of previous pension funds and that people today change jobs much more frequently than they used to.

From April of this year, people will be able to use the government’s new ‘pension wise’ service. This will offer guidance to everyone over the age of 55, explaining to them how they can make the most of the new pension regulations that also come into force in April.

Following George Osborne’s announcement regarding new freedoms, allowing workers to access their pensions, it is estimated that 300,000 people a year will be able to get to their defined contribution pension savings when they wish to, rather than having to take out an annuity.

Concerns have already been raised that the government’s advice service will not be able to cope with demand when the new regulations come into force in April.

Category: Money
This post was written by Evo Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2022 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice | Sitemap
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution