HOW TO FIND A LOST PENSION

When Gladston Williams retired last year, he expected to live on his monthly pension of J$30,000.00, but then he remembered he was eligible for a pension from a former employer. The 66-year-old Williams worked at a company from 1969 to 1982 and lost track of the company after it went through several mergers and ownership changes. "I completely forgot about it," he says of the pension. "You never think you will get to retirement age."

Williams’ experience isn't unusual, especially in today's economy, where workers change jobs often and companies frequently are bought, merge or simply shut down. For former employees, staying in touch becomes more difficult as the changes multiply over time. The odds of record-keeping errors also grow as companies change hands - and pension plan sponsors have trouble keeping track of former workers who might have moved, changed their names or died. Unlike an IRA or NIS pension, unclaimed pension benefits

simply stay in the pension plan. In Jamaica, the Financial Services Commission (FSC) requires Pension Administrators to file a schedule of Unclaimed Benefits each year detailing the names and amounts in the fund due to members who are no longer employed to the company. Finding unclaimed pension benefits could make a huge difference to many people.

Williams was luckier than most. He had an old letter about the pension, but wasn't sure how to collect it. Eventually he was able to locate the relevant authorities. He received a J$116,400.00 payment retroactive to his pension's start date in late 2010, and now receives J$9,700.00 a month. "It might not seem like a lot of money, but it helps me pay the bills," he says.

Of course, the best strategy is to not lose track of potential pension benefits. If you do have a pension at a company that was sold, contact its current human resources department immediately to find out about the pension plan. If the company has gone defunct contact the Financial Services Commission to find out the status of your pension.

HOW TO PREVENT LOSING TRACK OF YOUR PENSION:

1. Ensure that you keep good records of your employment and earning history, these include:

v       Income tax returns forms

v       P-24 forms

v      Annual Benefit Statements

2. If you do leave a company before retirement, ask for written verification of your vested status with the plan administrator before you leave. Make sure pension managers know where to contact you, and keep them up to date if your contact information changes. Ensuring that you keep proper documentation of your files will help establish histories in case a successor plan administrator's records are incomplete or in error.

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Find a lost pension

Financial Services Commission Jamaica