There is currently £31.1 billion sitting in lost and unclaimed pension pots across the UK, spread across roughly 3.3 million pots, each worth an average of £9,470. For those aged between 55 and 75, that average rises to £13,620.
Why pensions go missing
The average UK worker has around 11 jobs over their career, and most jobs since 2012 come with an automatic workplace pension. A house move, a change of surname, or a pension provider merging with another company can break the link between you and your old pension.
The money does not vanish. It remains invested and growing, but the provider has lost your current contact details, and you may have forgotten the pot exists. If you have had more than one job since 2012, moved house, or changed your name, there is a real chance you have one of these pots.
How to check
Use the government's free Pension Tracing Service online or by calling 0800 731 0193. You will need the name of your old employer or pension provider, but it does not need to be exact. List every job you have had since starting work, particularly anything longer than a few months, as that is typically enough to trigger workplace pension enrolment. Once you have contact details for a provider, reach out directly to confirm whether you have a pension and what it is currently worth.
Beware of scams
The government's Pension Tracing Service is completely free and only provides contact details. If you are contacted out of the blue by someone offering to trace and consolidate your pension for a fee, be cautious, as it could be a pensions scam. Pensions cold-calling is illegal in the UK, and genuine firms will not contact you unprompted. If you do want help consolidating pensions, only use a company regulated by the FCA, and check the FCA register yourself before sharing any details.
Why act now
Pension pots do not disappear and there is no deadline to claim one. But the earlier you find it, the more time the money has to keep working for you, and the less chance there is of another provider merger or house move burying the trail deeper. If you have had more than one job, it is worth twenty minutes of your time to check. For an average of £9,500, that is a good hourly rate.
This article is for general information purposes only and does not constitute financial advice. Always verify you are dealing with the genuine government Pension Tracing Service or an FCA-regulated firm before sharing personal details.
