Consumer champion Martin Lewis has issued an urgent warning to workers across the UK, revealing that over £30 billion is sitting in lost pension pots. Speaking on his ITV show, he urged viewers to check for forgotten savings, with the average lost pot valued at £9,500.
According to the Pensions Policy Institute, around 3.3 million pension pots are now considered lost. Many people lose track after changing jobs, moving house, or changing their name. Pension firms themselves may also have changed, making it harder to reconnect with old accounts.
Lewis advised starting the search by looking through old paperwork and contacting previous employers. If that fails, he recommends using the Government's free Pension Tracing Service on GOV.UK, which holds data on over 200,000 schemes. He also highlighted Gretel, a free tracing service that searches for lost assets linked to old addresses without affecting credit scores.
“Once you’re signed up, it will recheck every 14 days,” Lewis said, adding that people in their 40s, 50s, and 60s who have worked for multiple employers should “massively” consider checking. He revealed that some savers had uncovered huge sums, including one person who found £45,000 and another who discovered over £100,000.
Industry experts warn that small, scattered pension pots are a major cause of lost savings. Consolidating pensions into one pot can make tracking easier, but savers should check for valuable guarantees before transferring. Keeping personal details up to date is also key to preventing pensions from being lost.
