There is £31.1 billion lying in unclaimed, inactive, or lost pension pots, according to new research published ahead of this Sunday’s National Pension Tracing Day. The study carried out by the Pensions Policy Institute (PPI), sponsored by the Pension Attention Campaign, shows savers across the UK are in danger of missing out on large sums of money and are being encouraged to act, with almost 3.3 million pots not currently claimed by its owner.
The data reveals the value of lost pension pots in the UK has increased by 60% per cent, or nearly £12 billion, since 2018. The combination of people switching jobs more often and auto-enrolment becoming more commonplace is likely the cause of this increasing number of unclaimed pension pots. These lost pensions, which are now worth an average of £9,470 – rising to £13,620 amongst the aged 55–75 cohort – could make a real difference to people’s retirement if they were reunited with their owners. Ahead of National Pension Tracing Day this Sunday (27th October), the industry is calling on savers to take control of their retirement pots by visiting pensionattention.co.uk and using the free pension tracing tools.
Commenting on the campaign, 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. It only takes a few clicks, and you could substantially add to your pot. Additionally, you 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.”
This Sunday marks National Pension Tracing Day 2024 dedicated to help individuals locate and trace their pension funds. Many people may have pension plans from previous jobs or contributions to retirement funds that they’ve lost track of over the years.
Gavin Zaprzala-Banks, Managing Director – Employee Benefits Consulting at Second Sight, the creators of National Pension Tracing Day comments: “The fourth annual National Pension Tracing Day this Sunday, aims to urge the nation to think about their pensions, and consider any lost pots that they might have that need to be retraced. 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.”
To help further increase engagement, the pension sector recently launched its Pension Attention campaign, an industry-led engagement campaign coordinated by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) and funded by a large proportion of the pensions industry. For more information and to find out easy to ways to give your pension some attention visit www.pensionattention.co.uk. The UK Government’s Pension Tracing Service is available to help people find their lost pension pots.
|
