Millions of Britons are owed an average of £6,220 in lost pension pots, according to the latest figures from the Pensions Policy Institute. More than three million pots are currently lost, doing nothing for their owners while pension providers may still manage the money and collect associated fees.
Average lost pension amounts by age
For people under 55, the average lost pension stands at £5,250. Savers aged between 55 and 74 hold the highest average at £10,710, while for those aged 75 and over, the average lost pension falls to £3,340.
Between auto-enrolment and more frequent job changes, it is easier to lose track of pension pots, making it even more important to check.
Free ways to find your lost pension
Companies such as Gretel will track your assets for free, funded by financial institutions that pay to make it easier for customers to find their money. A reader from Newcastle-under-Lyme used Gretel to track down an old pot worth £17,000, which she spent on doing up her garden. She said the service managed to source the lost pension in just two days.
The Government also offers a free online Pension Tracing Service. You will need either the employer's name or the pension provider's name, and the helpline will provide contact details so you can get in touch.
If you have moved jobs or changed your address several times without updating your pension provider, you could be sitting on thousands of pounds.
