Could You Have a Lost Pension? £31.1 Billion in Missing UK Pensions Revealed
Imagine losing track of thousands of pounds… it’s happening to millions of people across the UK.
According to the Pensions Policy Institute (PPI), there are an estimated 3.3 million missing pension pots in the UK, with a total value of £31.1 billion as of late 2024. That’s a huge amount of unclaimed retirement savings sitting in accounts people may not even know exist.
If you’ve ever changed jobs, moved house, or switched pension providers, there’s a chance one of your old workplace pensions is still sitting untouched.
That old job you left years ago? Your pension might still be sitting there.
The rise in auto-enrolment pensions means more workers than ever are paying into schemes. But with frequent job changes, it’s easy to lose track. On average, people in the UK will have 11 different jobs over a lifetime, which could mean multiple pension pots. If you don’t keep records, it’s easy to misplace them.
The PPI also estimates that pension opt-out rates in the UK are around 10%, meaning some people miss out entirely on valuable employer contributions and tax relief.
Your pension is likely to be one of the biggest financial assets you’ll ever own, so staying on top of it is essential. Here are a few questions to consider:
- Am I auto-enrolled? – Most UK employees are automatically enrolled into a workplace pension if they meet eligibility criteria.
- Could I afford to increase my contributions, even by 1%? – Small increases can make a big difference over time.
- Do I know what my employer contributes? – Employer contributions are effectively free money for your future.
- Have I reviewed pensions from previous jobs? – Old pension pots could still be invested and growing.
- Do I know where all my pensions are? – If not, you might need to trace them.
If you think you may have a missing pension, you’re not alone. Fortunately, there are steps you can take to track it down:
- Use the Government’s Pension Tracing Service – A free online tool to help you locate old pension schemes.
- Check old payslips and workplace documents – Look for pension provider names and account numbers.
- Contact your previous employers – They should be able to confirm which pension provider was used.
- Review your pension statements – Most providers now offer online access to track balances and performance.
Whether you’re just starting your career, midway through, or preparing for retirement, taking time to review your pensions is crucial. Even a small forgotten pot could grow into thousands of pounds over time thanks to compound investment growth.
Your pension isn’t something to put off, future you will thank you.
Disclaimer: This content is for general information only and should not be taken as financial advice. Please seek independent financial advice before making any decisions about your pension.