A woman has recovered £13,581 by tracking down a lost pension after following advice from Money Saving Expert founder Martin Lewis. Jackie, who worked for Royal Mail between 1988 and 1991, contributed just £596 during that time but discovered her pension had grown significantly.
Writing to Money Saving Expert's newsletter, Jackie said: 'Thank you for your advice on tracing previous work pensions. I worked for Royal Mail between 1988 and 1991 and only contributed £596 in that time. I now have a transfer balance of £13,581. A big thank you to Martin & the team.'
According to Nest Pensions, there are approximately 2.8 million lost pensions in the UK, with an average value of £9,500. The government's Pension Tracing Service can help locate old pots by providing details of schemes based on an employer's name. Alternatively, the free online hub Gretel reunites consumers with lost accounts by searching using an address and date of birth.
People may also be able to claim forgotten pensions from deceased relatives. Duncan Stevens from Gretel noted that an estimated £78 billion sits in dormant accounts, with up to £15 billion belonging to individuals who have passed away.
