If you’ve changed jobs over the years, there’s a good chance you may have pension savings you’ve forgotten about. Many people in Ireland contributed to workplace pensions or PRSAs with previous employers, and when they moved on, those funds were often left behind.

These are known as lost pensions, and they’re more common than you might think. It’s estimated that around €500 million in pension benefits remain unclaimed in Ireland, meaning valuable retirement funds are sitting untouched instead of working for the people who earned them.

A Report in The Irish Times in July 2024 confirms that many workers have lost contact with their previous pension schemes, leaving these funds unclaimed, an issue that can have a significant long-term impact on retirement savings.

Why Lost Pensions Happen

Pensions are usually deducted automatically from your salary while you’re working, but when you leave a job, your contributions stop and the pension stays with the provider. Over time, people change employers, move house, or misplace paperwork, making it easy to lose track of where these funds are held, or even forget they exist.

How to Find Your Old Pension Statements

A good starting point is to check old payslips for pension deductions, or look through letters and emails from pension providers. Many older pension statements were sent by post, which may have gone to previous addresses or been misplaced. Even if you can’t find paperwork, there are still ways to trace your pension.

Contacting Former Employers

You can also contact the HR or payroll department of your previous employer. They can confirm whether you were part of a pension scheme and provide the pension provider’s details. Even if a company has changed names, merged, or ceased trading, pension benefits are usually still protected and traceable because they are held separately from the company’s own finances.

Using Professional Help for Pension Tracing

Tracing lost pensions in Ireland can be challenging, particularly if you have worked for several employers or no longer have access to pension paperwork. In these situations, engaging a qualified financial advisor can be invaluable.

An experienced pensions specialist, such as Stephen Donnelly, can deal directly with pension providers to trace missing pension benefits and verify their details. Just as importantly, a financial advisor can interpret the information for you, clearly explaining your options and how each pension fits into your overall retirement strategy.

Professional guidance not only saves time and effort but also helps ensure that no pension entitlements are missed or misunderstood.

You’ve Found Your Pension — What Next?

After locating an old pension, the next step is deciding how best to manage it.

Many people in Ireland consider transferring old pensions into a Personal Retirement Bond (PRB). A PRB allows you to consolidate old pensions, giving you greater control over how your money is invested and the flexibility to make changes as your circumstances evolve. It may also allow access to funds from the age of 50.

Consolidating old pensions into a PRB can make them easier to manage and potentially more valuable over the long term. A PRB is also known as a Buy-Out Bond (BOB).

Take Control of Your Retirement

Tracking down lost pensions doesn’t have to be complicated. With a little time and the right support, you can uncover funds you’ve already earned and ensure they contribute to your retirement rather than being forgotten. Whether you have one old pension or several, reclaiming them gives you greater control over your financial future.

For trusted, expert guidance on pension tracing and PRB transfers, speak to Stephen Donnelly, a pensions specialist with over 20 years’ experience helping individuals and families take control of their retirement planning and make informed decisions.

FAQ: Frequently Asked Questions

Q: How do I find a pension from an old job?
A: Start by checking old payslips, emails, or letters from pension providers. If you can’t find anything, contact the HR or payroll department of your former employer. A financial advisor specialising in pension tracing can also help locate old funds.

Q: What happens if my previous employer no longer exists?
A: Pension schemes are protected separately from the company’s finances. Trustees or the pension provider still hold the funds, so your benefits can usually be traced and recovered even if the business has closed.

Q: How long does pension tracing usually take?
A: It depends on the number of previous employers and the availability of records. Using a financial advisor can speed up the process significantly by contacting providers directly.

Q: Do I need a financial advisor to recover old pensions?
A: You don’t have to, but an experienced pensions specialist like Stephen Donnelly can make the process simpler, faster, and less stressful, especially if you have multiple pensions to trace.

Talk to a Financial Advisor

If you think you may have a lost or forgotten pension, speaking with a qualified financial advisor can make a real difference. Stephen Donnelly (QFA, RPA) of Donnelly Financial Planning offers personalised guidance to help clients track down lost pensions, consolidate retirement savings, and make informed decisions that support their long-term financial goals.

Disclaimer:

This article is for general guidance only and does not constitute financial advice. Please consult a regulated financial advisor for personalised recommendations. Donnelly Financial Planning Ltd is regulated by the Central Bank of Ireland.