Pension Tracing

Pension Tracing

Pension tracing is a vital process that assists individuals in locating any lost or forgotten pension funds, providing them with the means to consolidate their retirement savings and make informed decisions about their financial future.

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What is Pension Tracing?

Locating your old pension isn’t just about curiosity; it’s crucial for your future financial security. Your pension funds represent years of hard work and saving, so having a clear picture of your retirement income is essential. By finding your old pension, you can assess your total pension pot, understand investment performance, and make informed decisions about your retirement planning, such as ensuring you’re saving enough. Consolidating pensions simplifies financial management, as multiple pensions can be challenging to track and may lead to administrative complexities and fees. Moreover, tracking down your old pension can reveal valuable benefits and options, such as reduced fees and better allocation rates, that could significantly impact your retirement income.

Why Pension tracing is important?

Locating your old pension isn’t just about curiosity; it’s crucial for your future financial security. Your pension funds represent years of hard work and saving, so having a clear picture of your retirement income is essential. By finding your old pension, you can assess your total pension pot, understand investment performance, and make informed decisions about your retirement planning, such as ensuring you’re saving enough. Consolidating pensions simplifies financial management, as multiple pensions can be challenging to track and may lead to administrative complexities and fees. Moreover, tracking down your old pension can reveal valuable benefits and options, such as reduced fees and better allocation rates, that could significantly impact your retirement income.

Did you know?

It is estimated that there are more than €400 million in unclaimed pension benefits that should have been transferred into estates but remained unclaimed because they were not registered in the individual’s name at the time. These unclaimed pensions represent a significant sum of money that individuals are entitled to but have not yet accessed.

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How do I find lost or forgotten Pensions?

Gather information

Assemble details about your former pensions, including employer names, employment periods, and your Personal Public Service (PPS) number. Annual pension statements from past providers can also be invaluable sources of information.

Ask previous Employers

If you’re uncertain about your pension provider, reach out to your previous employers to enquire about the pension schemes associated with your employment. If you have provider details, provide them with relevant information, such as plan numbers and date of birth, to help in locating your records.

Seek Professional Advice

If you have difficulties with the pension tracing process, our financial advisors can offer valuable guidance. Not only can they locate all your pensions, but they can also potentially consolidate them into an effective retirement plan.

What do I need to do if I discover an old Pension?

Once you’ve located forgotten pensions, it marks the beginning of a new phase where you have the power to decide their fate. You can choose to leave your pension where it is, allowing it to grow within the existing scheme until your chosen retirement age. Alternatively, if your new job provides a pension scheme, consider transferring your savings for active control over your pension pot. Another option is to transfer into a Personal Retirement Bond (PRB), offering investment flexibility and potential benefits such as different retirement age options or tax-free lump sum withdrawals. However, it’s essential to discuss PRB options with our specialists as some may entail higher fees. If you’re uncertain about your old pension’s future, our team can provide guidance tailored to your financial circumstances and retirement goals.

Your Questions Answered

We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.

The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.

As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.

Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)

Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60

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Still need more Information?

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Fill in your details to start planning your retirement with our Smart Pensions.

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1800-828-800

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