Updated: May 31, 2019

Frozen pensions advice

Got a frozen pension? Read up on what your options our in this guide and find out how to get the right advice

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Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: May 31, 2019

We have people asking us all the time for advice on “frozen” pensions. At the time of writing, the UK is sitting on a “lost pensions mountain” worth almost £20 billion. This is often because an employee has moved jobs or gone overseas and the pension no longer receives contributions.

The good news is that the expert advisors we work with can give you the right frozen pension advice on what to do and discuss your best options. You can arrange a free, no-obligation consultation here.

In this article we’ll talk about:

Where can I get advice on my “frozen” pension?

You’ve certainly come to the right place for advice on dormant pension schemes.

The pensions advisors we work with are experts in this field, and they can tell you how to find a “frozen” pension and what you options are when you track it down.

If consolidating or transferring your dormant accounts is possible, the experts we work with can guide you through the process and pair you up with the right pension provider for your needs and circumstances – make an enquiry here to speak with one of them.

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Why should I use an expert pensions advisor if I have a “frozen” pension?

Navigating your way through the dormant pensions minefield can be daunting for the inexperienced. You may not be aware of all your entitlements or get the best possible outcome.

The advisors we work with are experts when it comes to dormant pensions and can offer you the right advice for the best possible outcome.

For a free, no-obligation chat about your dormant pension, make an enquiry here, and then sit back and let us do all the hard work.

You’ve got nothing to lose and everything to gain.

Where can I get advice about how to find my dormant pension?

You can simply read on to find out how to track down a dormant pension, but you can always make an enquiry here to speak to an expert if anything about the process doesn’t make sense to you.

As a member of a pension scheme (or somebody who’s had their own personal pension), you should receive at least yearly statements. The statement should give you an estimate of what you could expect by way of income when you reach retirement.

If you’re not receiving these statements, possibly because you’ve changed address, then there are three organisations that can help you track down a dormant pension.

  • The pension provider
  • Your previous employer if it was a workplace pension
  • A pension tracing service. The government offers a free Pension Tracing Service to help you track down dormant pensions.

Contacting your pension provider

This is by far the easiest way and should be your first step. Provide them with as much information as you can including –

  • Your previous address
  • Your plan number if you have it
  • Your date of birth
  • National Insurance Number
  • And if known, the date the pension was set up

Should I get advice if I find I have a “frozen pension”?

Yes, absolutely as there could be a wide range of options available, and the pensions experts we work with can determine which course of action is best for you.

Usually, a pension will continue to grow, even if there are no contributions being made, although unless being topped up or actively managed, it could stagnate.

The other factor is that the scheme may be attracting fees and admin costs. The first thing to do is establish that the pension exists and that the scheme is still running.

You then have a few options open to you –

  • If you are over 55 years old, then you can draw down up to 25% tax free (or cash it all in if you don’t mind paying the required tax)
  • Combine it with your current pension
  • Get an income stream by buying an annuity (if over 55)
  • Transfer to a new pension plan

Where can I get advice about “frozen” pension costs and fees?

The advisors we work with are experts on dormant pensions and they know exactly what costs and fees they typically come with. Furthermore, they can help you avoid any unnecessary charges when determining the best course of action.

There are usually annual administration costs to take into account and some companies may charge exit fees if you decide to withdraw money from the account or transfer it to another pension scheme.

A few pension providers may even charge an ‘inactivity’ fee. Money for nothing as it were, so it’s in your best interest to decide the best course of action to minimise fees and maximise the benefits.

Speak to an expert advisor about “frozen” pensions

Getting your head around dormant pensions can be overwhelming to say the least, and as the rules are ever-changing, we want you to be aware of your entitlements.

We work with a number of expert pension advisors who can offer you bespoke advice tailored directly to your circumstances.

If you think you have a “frozen” pension and want to know what your options are, get in touch for a free, no-obligation chat, or give us a call on 0808 189 0463.

Ask A Quick Question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions Ask us a question and we'll get the best expert to help.

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Tony Stevens

Tony Stevens

Finance Expert

About the author

Tony has worked in a vastly diverse array of areas in the pensions industry for over 20 years. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events.

Tony is also a highly qualified Independent Financial Adviser in his own right. His mantra has always been “Hope for the best, but plan for the worst”, and believes that the biggest impact that an adviser can have on a client’s life journey is to take them on a journey from generally having little or no real idea of what their retirement will look like, to giving them the understanding of what their retirement looks like now, then helping them navigate a path to what they want their retirement to be.

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

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