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Why “free” pension tracing usually isn’t really free
You will see services advertising “free” pension tracing. It is worth understanding what that usually means. The free part is only the first step – what many of these firms are really looking to do is move your pensions and charge you for advice.
Typically, if your total pension is under around £100,000, some advisers will not take you on at all, because it does not make commercial sense for them. If it is above that, they will often recommend moving everything into one place and charge an initial advice fee of around 2%. On a £75,000 pension, that could be over £1,000 upfront – before any ongoing fees. The government’s own Pension Tracing Service is genuinely free, but it only hands you contact details – it does not do the tracing for you.
A paid service like Pension Pie has no hidden agenda: one fixed fee, the full job done, and no obligation to move your money or take advice afterwards.
The real cost of doing it yourself
Doing it yourself costs nothing, and for one pension with a provider you already know it is the right choice. For several old pensions it is slower and more frustrating than most people expect. This is what it usually involves:
- The government service gives you an address, not an answer. It can return more than one possible scheme for a single employer, or none at all if the company was renamed, merged or closed.
- Every provider wants proof of who you are. That can mean your National Insurance number, the dates you worked there, previous names and addresses, and sometimes certified copies of ID sent by post.
- Providers do not always reply. Letters can go unanswered, and phone lines can mean a long wait only to be told to put it in writing. Expect to chase, sometimes more than once.
- “No record found” is not always the end. Your details may be held under a previous name or an old address, or the scheme may have moved to a different provider. Finding out means starting again with someone else.
- Replies arrive weeks apart and in different formats. Some give a value, some only confirm that a pension exists, and some send another form to fill in before they will tell you anything.
- Nobody tells you when you have finished. If you have forgotten an employer or a scheme, there is no one to point it out.
Realistically it can take 15 to 20 hours to track down four or five pensions, spread over weeks or months – and even then you might not find them all. Most people start, lose momentum, and give up halfway.
That is the same reason we pay professionals to do jobs we do not have the time or the confidence to do well. For a one-off fee, the work is done properly and thoroughly – and in many cases what is uncovered is worth far more than the cost.
Pension Pie at a glance
- £249 fixed fee for up to 5 pensions (extra searches £40 each)
- Average pension found: £16,500
- No-Stone-Unturned guarantee – if nothing is found, you get your fee back
- UK-based specialist team
- Deep search: SERPS, HMRC records, the Pension Protection Fund, defunct employers
- They contact providers for you
- Regular updates via a secure app
- No subscriptions, no ongoing charges
Rated 5 stars by UK clients.
DIY tracing vs Pension Pie
| Doing it yourself | Pension Pie | |
|---|---|---|
| Your time | 15-20 hours, spread over weeks or months of letters, waiting and chasing | Minutes – you fill in one form, they do the rest |
| Who does the work | You write every letter, send your own proof of identity, make the calls and sit on hold | A UK-based specialist team does it all for you |
| When a provider does not reply | You chase. Some need two or three attempts, and some do not answer at all | They contact the providers and chase the replies for you |
| When the answer is “no record found” | You work out whether that means no pension, a different name or address on file, or a scheme that has moved elsewhere | Further searches across SERPS, HMRC records, the PPF and defunct employers |
| How thorough | Limited to the employers you remember and the schemes the government service lists; old, renamed or closed schemes are easy to miss | Deep search – SERPS, HMRC, PPF, defunct employers |
| Smaller pensions | Often given up on as “not worth the effort” | Everything searched for, big or small |
| The “free” route | Gov service gives contact details only; “free” advisers may push a paid transfer | One fixed fee, no hidden agenda, no obligation |
| Likelihood of finishing | Most people give up halfway | The job is followed through to clear results |
| Cost | No fee – but your time, postage and patience, and the risk of missing money | £249 fixed, backed by a money-back guarantee |
| Peace of mind | Never quite sure you have found everything | Confirmed results, straight from the providers |
Why paying for tracing is a genuine benefit, not just a cost
You could be losing money right now without knowing it. Old pensions often sit in outdated schemes with higher charges and poor-performing funds. A difference of just 1% in fees over 20 to 30 years can cost you tens of thousands of pounds. Finding these pensions is the first step to fixing that.
The find is usually worth far more than the fee. With the average pension uncovered worth around £16,500, a £249 fee is small by comparison – and if nothing is found, Pension Pie’s guarantee means you get it back.
It is done properly, once. Rather than a half-finished DIY attempt, you get a complete, professional trace – confirmed directly by the providers, so you know exactly what you have and where it is held.
No pressure to do anything else. Pension Pie traces your pensions and stops there. There is no obligation to move your money or take advice. If you do later want regulated advice on combining or planning, that is your choice – and you would be doing it from a position of knowing your full picture.
Pension tracing is provided by Pension Pie, a dedicated non-advisory tracing service. Pensions Advice UK acts solely as an introducer and does not provide financial advice. If, once your pensions are found, you would like regulated advice, we can introduce you to an FCA-authorised adviser.
Your average find could be worth £16,500.
More on finding lost pensions
- How do I find out what pensions I have?
- Can I find my pension with my National Insurance number?
- How to find a pension from an old job
- Finding a pension with a provider that changed its name
- Finding a pension from years ago
- How to check your pensions online
- Pensions dashboards: when can I see all my pensions?
- SERPS: how to check and find yours
- The government Pension Tracing Service or paid tracing?
- What could an old pension be worth?