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Liverpool Echo
Liverpool Echo
Entertainment
Sophie McCoid

Martin Lewis explains how to find lost pensions worth thousands

Martin Lewis has explained how people could find lost pensions that could now be worth thousands.

The Money Saving Expert spoke about the issue on his ITV money show tonight.

During the show Martin's co-host Angelica read out a question from a viewer called Gary.

Gary asked Martin: "Hi Martin, is there any way to find lost pensions that may have been done in the past but have no paperwork?"

Martin replied: "So actually gov.uk has a pensions tracing service, it won't actually tell you if you had a pension somewhere but what it does is say you put in your old employer's details and it'll tell you who to contact to find out if you've got a pension.

"And it's worth doing, because staggering though it is there are some people who lose track of pensions worth tens or even hundreds of thousands of pounds, so if you're not sure it's definitely worth checking that out."

Last week Martin hosted an entire show about pensions and gave some more tips for people to look into.

Martin urged every employee to make sure they are automatically enrolled into a workplace pension.

The Pensions Act 2008 makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme.

The employer must also pay money into the scheme.

However, only those aged 22 or over and earning more than £10,000 are automatically opted in.

It is up to you to voluntarily opt-in if you earn under £10,000 or are under 22.

Martin urged young employees earning over £6,240 a year to join the scheme, as employers must contribute when you hit this pay bracket.

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The Money Saving Expert founder explained how the minimum amount you have to pay in went up in April 2019, but what your employer has to contribute increased too.

The minimum total auto-enrolment contribution rose to 8%, meaning if your employer put in the minimum 3%, you would contribute a minimum of 5%.

While some people may want to opt-out of the scheme in order to increase their take-home pay, Martin urged his viewers not to.

Comparing the employer contribution to a pay rise, Martin said: "Don't opt out unless you really have to, because the benefit later in life is absolutely crucial."

*The Martin Lewis Money Show continues at 8:30pm on ITV next Thursday

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