Millions of people could be missing out on thousands of pounds from old pension pots, with those aged 55 to 75 potentially having an average of £13,620 waiting to be claimed. People are being urged to check whether they have lost pension savings worth thousands of pounds ahead of National Pension Tracing Day.
£31.1 billion in unclaimed pensions
The latest research from the Pensions Policy Institute (PPI) in 2024, sponsored by the Pension Attention campaign, estimated that £31.1 billion is sitting in unclaimed, inactive, or lost pension pots across the UK. Almost 3.3 million pension pots are currently considered lost, with the average pot worth £9,470.
However, the figure rises significantly among older savers, with lost pension pots belonging to people aged between 55 and 75 worth an average of £13,620. The research found the value of lost pension pots has increased by 60%, or nearly £12 billion, since 2018.
Why pensions are being lost
The rise is thought to be linked to people changing jobs more frequently, combined with the increasing use of workplace auto-enrolment pensions. Many people may have accumulated pension savings through previous employers without keeping track of where the money is held.
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.” He added that people 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.”
How to find lost savings
National Pension Tracing Day was launched to encourage people to locate pension funds they may have lost track of over the years, including workplace pensions from previous jobs. Gavin Zaprzala-Banks, managing director of Employee Benefits Consulting at Second Sight, the creators of National Pension Tracing Day, said: “We’re calling on all adults to take advantage of the extra hour this weekend, when the clocks go back, to start their search and use the free pension tracing tools available.”
The Pension Attention campaign was launched by the pensions sector and is coordinated by the Association of British Insurers and the Pensions and Lifetime Savings Association. People looking for old pension savings can use the free pension tracing tools promoted by the campaign, while the UK Government also provides a Pension Tracing Service to help people find contact details for pension schemes.
