The company I worked for no longer exists. Where did my pension go?

When a company closes, is bought, or goes bust, its pension scheme does not simply vanish. The legal duty to pay members’ benefits survives. What changes is who holds that duty. Your job is to find out who that is now.

Step 1 — Trace the scheme, not the company

The free government tracing service tracks schemes, not employers. Even if the company name is long gone, the service often knows which administrator or successor scheme took on its members. Start there: gov.uk/find-pension-contact-details.

Schemes that wound up

When a scheme winds up, its liabilities are settled or transferred somewhere. They may go to a successor scheme, an insurer, or a bulk annuity provider that took on the whole scheme. When you write, ask explicitly where the scheme’s liabilities went: the name and address of the receiving scheme, insurer or administrator, and any reference they hold for you. This is one of the seven questions, and it is especially important here.

Schemes bought out or transferred to an insurer

Many defined benefit schemes have been bought out — the scheme’s promises transferred to an insurer, which now pays them. If that happened to your scheme, the money is not lost; it simply moved to a company you may never have heard of. The insurer is the holder now, and it is the insurer you must write to.

If the scheme was underfunded — the Pension Protection Fund

If a defined benefit scheme’s employer became insolvent and the scheme could not pay what it promised, the Pension Protection Fund (PPF) usually steps in. The PPF pays compensation to members, generally at:

• 100% of the scheme’s pension for members at or above normal pension age.
• 90% of the scheme’s pension, subject to a cap, for members below normal pension age.

If you believe a former employer’s scheme entered a PPF assessment period, contact the PPF directly — they can confirm whether your benefits are with them.

Orphaned schemes

Some schemes end up with no solvent employer behind them — an “orphan” scheme — and some older insurers hold dormant policies they cannot trace owners for. The Unclaimed Assets Register, run by the Pensions and Lifetime Savings Association and others, has historically let people search for unclaimed pension and life policy entitlements. The arrangements have changed over time, so check the current route via the PLSA or the free tracing service.

Defined contribution pots

DC pots from a defunct employer are usually held by an insurer or a master trust that took on the business. They rarely disappear — they sit dormant, waiting for you. The free tracing service and the insurer named on any old paperwork are your leads.

The employer you cannot remember at all

If the company is gone and you cannot recall every employer to start with, HMRC is the answer. Your full employment record lists every employer who ever paid National Insurance for you, and it is free to obtain. That list is where the forgotten schemes hide — write to HMRC for it.

Be patient, and keep records

Following a wound-up scheme can take several letters and several weeks. Keep every reply, note every reference, and chase at around 25 working days. The case tool tracks all of this for you in one place.