Many people accumulate several workplace pensions over the course of their careers as they change jobs. Over time, details of older pension schemes can be misplaced, making it harder to establish exactly what retirement savings are available.
According to the information shared by Martin Lewis, there is an alternative for people who find existing tracing methods difficult to navigate. His response came after a social media user described the standard process as “long winded” because it required details of previous employers.
Free Service Offers Another Route to Finding Forgotten Pension Savings
The pension saver explained that they wanted to locate old pensions but found that available services required information about every previous employer. They asked whether there was a simpler way to search by using only their National Insurance number.
According to Martin Lewis, the answer was to “Try Gretel”. The free financial technology service is intended to reconnect individuals with assets held in their name, including pensions, bank accounts, investments and trust funds.
To use Gretel, people provide their name, current address and date of birth. The service then displays any previous addresses linked to that individual for confirmation before searching participating organisations for assets connected to those personal details.
The Government’s Pension Tracing Service remains available for pension searches, although it requires users to provide details of either the pension provider or a former employer. For people who have worked for numerous companies, gathering that information may involve searching through older paperwork before a search can begin.
Martin Lewis also noted on his BBC podcast that checking for lost pension pots can be worthwhile. He said he had heard of cases where people discovered pension funds worth as much as £120,000 after carrying out searches.
Pension Wise Provides Guidance on Accessing Retirement Savings
Martin Lewis also encouraged people who are unsure about pensions to seek guidance from Pension Wise. According to his comments on the BBC podcast, the organisation provides free guidance and can be contacted either online or by telephone.
Appointments with Pension Wise allow people to discuss when they can access their pension savings, the available options for withdrawing money, and the tax implications associated with those choices.
The current minimum age for accessing private pensions is 55. According to the information reported, this will increase to 57 in April 2028. The same date also marks the point at which the State Pension age reaches 67. The current increase from 66 to 67 is taking place in stages, with the qualifying age rising by one-month increments between April 2026 and April 2028.
The advice shared by Martin Lewis focused on making use of available services to identify forgotten pension savings and obtain independent guidance, offering practical routes for people trying to gain a clearer picture of their retirement finances without changing the existing rules governing pension access.
