If you leave a job, your workplace pension is usually ‘frozen’ with no more money paid in. Here’s what you need to know and your options, including how to find lost pensions.

What is a frozen pension?

A frozen workplace pension, or ‘preserved pension’ is simply one that isn’t paid into anymore. This usually happens when you leave a job, so you and your employer stop contributing. 

Any money in there still belongs to you and will provide you with an income when you retire. You can use the Pension calculator to see a forecast of your total pension income when you retire, including from the State Pension. 

A frozen pension can still grow or lose money

A frozen pension isn’t actually frozen, as your pension provider will continue to manage and invest your money.   If you have a defined contribution pension (the most common type), this means the money can still: 

• grow, if the investments perform well 
• reduce, if the investments perform badly or don’t grow enough to cover the management fees.  

Your defined contribution pension provider will send you statements so you can keep track, usually every year. This typically includes an estimate of your retirement income.  

If you have a defined benefit or final salary pension you’ll get the fixed amount the scheme agreed to pay, usually plus growth in line with inflation.      

What you can do with a frozen pension – your options

If you have old pensions you no longer pay into, you can’t usually take the money back as cash. This means you have two options before you retire:

• do nothing and let the pension provider manage it until you get the money at retirement age, or  
• transfer it to a new pension scheme, like one at your current job or one you set up yourself.

The best option for you will depend on a number of factors, such as how much money is in each frozen pension and the cost of the management fees.   

For more information, including the pros and cons of bringing your pensions together, see the guide Making the most of your pensions.

How to find old or lost frozen pensions

If your pension provider doesn’t have your up-to-date contact details, a pension can become lost. This means the money still belongs to you, but your provider is unable to send you statements or ask you how you want to take the money when you retire.

To find and reclaim any pensions in your name, follow these steps:

1. Make a list of all the places you’ve worked. 
2. Check your paperwork for details of the pension scheme for each one. If your old employer has gone bust, check the Pension Protection Fund for details as your pension scheme might have been taken over by a different provider. 
3. Contact your old employer if you can’t find the pension provider’s name. You can also use Gretel, a free service to trace lost pensions, accounts and investments. 
4. Contact the pension provider with as many details as possible so they can track down your pension, such as the dates you worked for the company, your National Insurance Number and any previous names and addresses. You can find pension contact details at GOV.UK
5. Make sure to keep your contact details up to date so your pension provider can send you statements and other important information.