Britons are being urged to perform a simple check that could boost their pension savings by an average of £9,470, according to industry experts. The call to action follows research revealing that approximately £31.1 billion is languishing in unclaimed, inactive, or lost pension pots across the UK, spread across around 3.3 million forgotten accounts.
The Scale of Forgotten Pensions
The study, conducted by the Pensions Policy Institute (PPI) and sponsored by the Pension Attention Campaign, found that the value of lost pension pots increased by 60% between 2018 and 2024. The average forgotten pot is worth £9,470, but for those aged between 55 and 75, the average rises to £13,620.
Experts attribute the proliferation of lost pots to the combination of frequent job changes and auto-enrolment. Many savers may also have moved house or changed names without notifying previous pension providers, making it impossible for companies to send annual statements.
How to Track Down Lost Savings
Industry experts are urging people to visit pensionattention.co.uk, which offers free pension tracing tools to help locate forgotten pots from previous employment. Chris Blackwood, spokesperson for the Pension Attention campaign, said: "If you can do one thing today, visit pensionattention.co.uk and use the pension tracing tools to find any lost pension pots. It only takes a few clicks, and you could substantially add to your pot."
Blackwood also advised: "Additionally, you could also retrace your career steps, check old papers, look for any gaps in your pension history, and contact your provider to update your contact details."
Why This Matters Now
Nigel Peaple, director of policy and advocacy at the Pensions and Lifetime Savings Association (PLSA), emphasised the importance of the initiative: "It’s more important than ever, as people face difficult financial choices, that they have confidence in their workplace pension and understand their savings. Pension Attention is about getting savers to connect – or reconnect – with their pension, to help them feel good about having one, and to show them how easy it is to keep track of it."
The campaign highlights that many savers risk missing out on cash that could make a real difference to their retirement unless they act promptly. With the average lost pot valued at nearly £10,000, the financial impact of reclaiming these funds could be significant for retirees.
