Pension Tracing

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Tracing Old Pensions.

If you’ve ever found yourself asking, “How do I get my old pensions?”. Then you’re not alone. Pension Tracing or Pension Tracking is the process of finding old pensions, and potentially consolidating those funds from previous employment and placing them into a new Pension plan in your name. Many people in Ireland often lose track of their pensions due to changing jobs or career or moving countries, which can make it difficult to access the funds they’ve earned. In some cases, many people are unsure if they have or had a Pension.

Fortunately, our pension tracing service can help you navigate this. By efficiently locating and potentially consolidating your pensions, you’ll gain a clear picture of your retirement savings and can make more informed decisions about your retirement goals.

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Planning for retirement is a significant life milestone. Whether you’re just starting to think about retirement or are already well into your retirement journey, this guide aims to empower you to make informed decisions and create a retirement plan that aligns with your unique financial goals and expectations.

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What is Pension tracing?

Pension tracing consists of locating and consolidating your old pension funds from previous employment and placing them into a new or existing pension that is under your control. Over the course of your lifetime, it’s pretty common to contribute to various different pension schemes, often resulting in multiple scattered retirement pots. Our Pension Tracing Service streamlines the cumbersome task of tracing & consolidation by conducting thorough searching and liaising with multiple pension providers on your behalf. Through this, we’ll uncover the details of your pensions, including the current fund value, investment performance, and projected benefits on retirement.

By taking advantage of state-of-the-art technology and combining it with our industry expertise, our pension tracing service will ensure that no pension is left behind. Whether you’ve changed jobs multiple times or simply lost track of your pensions, our team is dedicated to reuniting you with your hard-earned funds. With True Wealth, pension tracing becomes a seamless journey towards a more secure and prosperous retirement.

Importance of Pension tracing

Finding your old pension isn’t just a matter of curiosity. It holds significant importance for your financial well-being in the future. Your pension funds represent the accumulation of years of hard work and saving, and it’s essential to have a clear picture of your retirement income.

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.

By finding your old pension, you can evaluate the value of your total pension pot, understand the performance of your investments, and make informed decisions regarding your retirement planning, such as: whether are you putting enough money into your pension. Consolidating your pensions can simplify your financial management. Having multiple pensions spread across different providers makes it challenging to keep track of your savings and may lead to administrative complexities such as multiple different charges, different risk ratings etc. By tracing and consolidating your pensions, you can have an overview of your retirement funds in one place, making it easier to monitor and manage your investments effectively.

Tracking down your old pension can also allow you to discover valuable benefits and options you may not be aware of. Such as reducing fees, charges and better allocation rates. Without locating your pensions, you could be missing out on these advantageous benefits that could significantly impact your retirement income.

Explore our article on the significance of pension tracing, where we address all your questions and provide valuable insights into its importance.

The importance of Pension Tracing in shaping your Retirement Strategy.

Provide direction and protection to your wealth. Start your Pension journey today by making an enquiry now.

Who is eligible for Pension tracing?

Pension tracing services are designed to assist anyone who has had multiple employments and may have lost track of their pension funds. If you have worked for different employers throughout your career and contributed to separate pension schemes, you are likely eligible for pension tracing.

This service is particularly beneficial if you have changed jobs frequently, worked part-time, or been self-employed. It is also applicable if you have pension entitlements from previous employers that you have not claimed or actively managed.

Pension tracing is not limited to any specific age group or income bracket. Whether you are approaching retirement or still have several years of work ahead, it is crucial to locate and assess your pension funds to ensure you are on track for a secure retirement.

Our pension tracing service caters to people from all walks of life, from Doctors to Pharma Technicians to Self-Employed business owners such as shop owners or professionals working in the IT industry.

We understand the complexities involved in tracking down pensions, and our team of experts is always committed to guiding you through the entire process with ease. Don’t let your pension funds remain unclaimed.

Pension tracing requirements

To start the pension tracing process, you’ll need to provide us with some basic information and any potential supporting documents about your employer or pension you may still have. While the exact requirements may vary depending on your specific circumstances and the pension provider, here are some common items typically requested:

Let us help you track down your previous pension and put it in your control.

Once the pension is traced, what are the next steps?

This is an exciting time in your journey towards securing your full retirement potential. Here’s what you can expect after your pension has been traced:

Pension Report

After tracing your pension, we’ll provide you with a comprehensive online pension report using our state of the art software. This report will contain crucial information about your current pension funds, including, investment performance, projected benefits, and any additional features or options that may be potentially available.

Pension review & analysis

Our team of experts will carefully review and analyze your pensions, ensuring you have a clear understanding of your pension funds and the potential options available to you. We will then explain the implications of the report, addressing any questions or concerns you may have.

Retirement planning advice

With the information gathered from the pension report, our advisors will provide you with bespoke retirement planning advice tailored to your unique goals and circumstances. We will help you make informed decisions about your retirement income, such as investment strategies, allocation rates, and pension consolidation options.

Pension consolidation

If you have multiple pension funds, the traced pension(s) can be then consolidated into a single, easily manageable pension in your own name. Consolidation simplifies understanding your pension, your retirement income and visualising your performance, not forgetting the power of compound interest with the combined pension values.

Ongoing Pension management

We offer ongoing pension management to ensure that your retirement savings continue to work hard for you. We’ll monitor and review your pension funds regularly, adjusting investment strategies if required and keeping you informed of any opportunities that arise.

Trace your Pension with True Wealth

We, at True Wealth, understand pension tracing is essential in assisting people in securing their financial future by tracking down their pension funds. We have the necessary expertise and resources to navigate complicated pension landscapes and assist you in making wise retirement planning decisions. If you want to find your old pensions and ensure a stable retirement contact us; we can guide you throughout the whole pension process. 

Most frequent questions (FAQs)

How do I find lost or forgotten pensions?

Information Gathering

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.

Contact Previous Employers and Providers

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.

Expert Assistance from True Wealth

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.

Locating forgotten pensions isn’t the end; it’s a new beginning. You can decide what to do with the pensions you’ve lost track of once you find them.

Leave your pension where it is 

Leave your pension funds within the existing scheme, allowing them to grow until your chosen retirement age.

Transfer to a new employer’s scheme

If your new job comes with its own pension scheme, consider transferring your savings for active control over your pension pot.

Transfer into a Personal Retirement Bond (PRB)

PRB offers investment flexibility and may give you access to extra benefits including different retirement age alternatives, the ability to withdraw a lump sum of money tax-free as soon as you turn 50, or more investment options. It is advisable to discuss it with our team of specialists as some PRBs may have higher fees than your current pension plan. If you’re unsure of what to do with your old pension, we can guide you by taking into consideration your financial circumstances and retirement objectives. 

In certain situations, you may be able to access your pension funds as early as age 50. If you have ever paid into an occupational scheme and have left your job or changed employment, you may be entitled to take a 25% tax-free lump sum up to €200,000. However, this will depend on the regulations of your pension plan.

For expert guidance, speak with one of our financial advisors. Based on your unique situation, your desired outcomes, and the most up-to-date information regarding pension legislation.

Business Owners

Employees (PAYE)

If you still have any questions, please make an enquiry, or freephone us, and we will be happy to assist you.

Freephone (1800) 808-808

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