Free Tools for HR supports Employers to back National Pension Tracing Day and reunite people with lost pensions – helping ease cost of living crisis.
National Pension Tracing Day is on Sunday 30 October – the day the clocks go back. The campaign invites people to use that extra hour to join in a ‘Great Pension Treasure Hunt’ and search for lost and forgotten pensions. The free communications toolkit gives HR professionals the tools they need to raise awareness and show their people how to find lost or unclaimed pension money. There’s an estimated £19 billion of lost and forgotten pensions.
The campaign is ideal for businesses looking to support staff through the current cost of living crisis. There’s evidence to suggest people are dropping out of pension saving because they can’t afford to make ends meet. By raising awareness of National Pension Tracing Day, companies can help their people find lost money.
Experts estimate there could be 1.6 million lost pensions in the UK. That could equate to around 1 in 30 people finding a pension they’re unaware of. Depending on the company size there could be lots of ‘winners’ within an organisation.
The new communications toolkit includes a set of ‘ready to go’ communications including posters, intranet banners, news article, an email campaign, a pension tracing checklist, a step-by-step video and much more. All the content is supported by the #NationalPensionTracingDay website.
The campaign which launched last year has already changed lives. One person found three pensions worth a total of £55,000. Someone else managed to retire seven years earlier than they’d planned and another person found two pensions, worth over £80,000. They were very grateful to their employer who had raised awareness.
Kara Duncombe, pensions specialist for law firm Trowers & Hamlins promoted the campaign last year to staff in their London, Birmingham, Manchester and Exeter offices by using the communications.
Kara said: “I was astonished at the amount of pension money people hadn’t claimed. In the current climate, more than ever, any extra money is a good thing. We promoted the National Pension Tracing Day pack on the intranet and used the posters. As a business, if you could take these simple steps, why wouldn’t you? Not only might it help your people, but they are likely to mention it to friends and family too.
“Like me, some colleagues were surprised at what seemed forgotten and thought about where they had worked before. Had they ticked off everything when they moved? All in all, it was a positive reaction. As a business, all the materials were already drawn up and ready to go so it was a minimal effort to help point people in a direction which could be really beneficial for them. I’d urge every organisation to get behind it.”
Johanna Nelson, Communications Director, Punter Southall Aspire says, “Using the toolkit makes it easy for employers and Trustees to encourage people to use the extra hour when the clocks go back to trace unclaimed pensions. People don’t need to be financial experts, it’s really just a bit of detective work… a pension treasure hunt, and by following the guidance in our toolkit, anyone can do it.
Alan Morahan, Chief Commercial Officer, added, “When we launched National Pension Tracing Day last year it really took off and thousands joined in. We attracted sponsorship from Aegon, Legal & General, Scottish Widows and Standard Life. This year promises to be even bigger. We’ve welcomed Aviva, Hargreaves Lansdowne, Royal London and Smart Pension on board as new sponsors. And we’ve partnered with the industry Pension Attention campaign. “
National Pension Tracing Day won the Pensions Age Thought Leadership Award and the UK Pensions Awards Educational and Thought Leadership Initiative of the Year.