Pension savers urged to make £13,620 check to boost savings pot | Personal Finance | Finance
Millions of pension savers are being urged to check if they could be missing thousands of pounds from old workplace pensions. Last Sunday marked National Pension Tracing Day, a reminder for people to check whether they may have lost track of pensions from previous jobs.
Experts say it’s not too late to act and uncover pots that could make a real difference to retirement income. Research from the Pensions Policy Institute found there were around 3.3 million lost pension pots in the UK last year, worth a combined £31.1billion. Among savers aged 55 to 75, the average lost pension was worth £13,620.
Lisa Picardo, the chief business officer UK at PensionBee, said: “National Pension Tracing Day is an important reminder that taking just a few minutes to check for old workplace pensions could make a real difference to your retirement outcome.
“Many people move jobs several times over their careers, and small pots can easily be forgotten or lost, yet when combined they can add up to a significant sum.”
A “lost pot” refers to a workplace pension that a saver no longer actively manages or even remembers, often due to a job change, a house move, or failure to update personal details. Some are also lost due to scheme transfers.
For those aged 75 and over, the average value of lost pensions has dropped by nearly half in the last three years, from £12,190 in 2022 to just £6,540 in 2024, showing how easily these pots can disappear if left unclaimed.
Ms Picardo added: “Consolidating pensions not only makes it easier to manage and engage with your savings, but also helps ensure your hard-earned money continues to grow efficiently.
“The sooner you take stock and build a clearer picture of your retirement savings, the better, and the more control you’ll have over your financial future.”
PensionBee is encouraging savers to use free pension tracing services or speak to providers to locate any old pensions they may have forgotten about, before it’s too late.
