Thousands of Irish workers are being urged to check now as it’s estimated more than €500m in pension savings sits unclaimed from old jobs.
Two women looking at bills (stock image)(Image: SolStock via Getty Images)
Thousands of Irish workers could be missing out on pension savings, as it’s estimated that more than €500m sits unclaimed in old workplace schemes.
Experts say many people have lost track of pensions built up in previous jobs, often without even realising the money is still there waiting to be claimed.
Some estimates suggest the true figure could be even higher, potentially reaching close to €1 billion in “lost” or forgotten pension savings across Ireland.
Pensions expert James Dorrian of the National Pension Helpline said it is common for people to lose track of old schemes as life moves on.
He said: “People often switch jobs, move house or go abroad when they’re not thinking about retirement in any way. And then suddenly ten or 15 years have passed.
“Then they start to wonder whether they were paying into a pension. The good news is that the money you’ve put into old workplace pensions doesn’t just disappear – it’s there waiting for you to come back for it.”
James said many people are surprised by how much they can uncover, even from short periods of employment. He added: “People regularly uncover pots worth hundreds or even thousands of euro from jobs they can barely even remember.”
He said the first step for anyone trying to track down a lost pension is to build a simple record of their work history.
The expert advised: “Write down every job you’ve ever had, including part-time and temporary roles. Then gather your PPS number and any previous addresses. That’s often enough information to start the process.
“See if you can find any old payslips or contracts for any details. If you can’t locate anything, and you are unsure who your provider was, your former employer’s payroll or HR department could point you in the right direction.
“A financial advisor can often make the process of tracking down forgotten pensions easier.”
James also warned that many people don’t review their current pensions, potentially missing out on growth or taking on unnecessary risk.
He said: “If you haven’t reviewed your pension in years, your investment strategy might no longer suit your age or circumstances. You could be missing out on growth or taking on too much risk.
“Each pension fund comes with its own risk profile, and the closer you get to retirement, the chances are that you’ll want to focus on preserving your savings. This essentially means choosing lower risk funds or having a more diversified portfolio.
“But too many people don’t take advantage of the tax relief that’s available to them. For example, over 60s can contribute up to 40% of their earnings with tax relief up to a certain limit – which means significant tax savings while boosting your pension pot.”
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