Savers have been urged to trace old workplace schemes and take control of their retirement savings after new figures suggest billions of pounds are sitting idle in lost pension pots. The average missing pension pot is worth £6,220, according to research by the Pensions Policy Institute (PPI).
The figures highlight how changing jobs, moving house or changing names can leave people disconnected from retirement savings built up over their working lives. The 2026 survey estimates that there are around three million lost pension pots in the UK, containing approximately £18.7 billion in pension assets.
Multiple pots across a career
Camilla Esmund, head of investor campaigns at interactive investor, said people could accumulate multiple pension pots throughout their careers. “Most people move jobs around 11 times over the course of their careers, and each move can leave a pension behind,” she said.
“That could mean up to 11 separate pots to keep on top of, which isn't always easy, particularly if you've moved house or changed your name along the way.” Research by Interactive Investor found that a third of Brits had engaged with their pension during workplace onboarding but had not looked at it since.
Compounding can boost small pots
Ms Esmund said that, despite the demands of everyday life, understanding existing pension savings was an important first step towards retirement planning. Forgotten pensions could provide a valuable boost to retirement income, particularly as investment returns and compounding may increase their value over time.
Ms Esmund encouraged savers to locate missing pots, even if they believe the amounts involved are relatively small. “You may have contributed to a scheme for just a year or two at the start of your career, but over time, even the smallest pension could grow in value thanks to compounding investment returns,” she said.
Who holds the lost pots?
The PPI's latest figures show that people under 55 account for approximately 2.46 million lost pension pots, representing almost 82% of the total. These pots hold an estimated £12.9 billion, with an average value of £5,250.
For those aged between 55 and 74, the average lost pension pot rises to £10,710. The research also found that women's lost pension pots are worth £5,370 on average, compared with £6,830 for men.
Dr Suzy Morrissey, deputy director of the PPI, said lost pensions remained a significant issue for savers, providers and policymakers. The report notes that its updated methodology and wider market coverage mean the findings should not be directly compared with previous estimates.
How to trace and consolidate
Savers who suspect they have a forgotten pension can use the Government's free Pension Tracing Service to find contact details for previous employers and pension schemes. They can then contact the relevant provider to determine whether they hold an account and to establish its value.
People may also consider consolidating multiple pensions into a single plan, such as a Self-Invested Personal Pension (SIPP), to simplify administration and potentially reduce fees. However, they should check for exit charges, valuable guarantees and benefits before transferring.
Oliver Morley, chief executive of MaPS, said its planned MoneyHelper Pensions Dashboard, expected to launch in the 2027/28 financial year, would provide a single overview of people's pensions and help identify accounts they had lost touch with. With millions of pots still unaccounted for, savers are being urged to check their pension records and take steps to ensure their retirement savings are not overlooked.
