How to track down lost pensions as millions of people could have £10,000 in retirement pots

dailyrecord.co.uk:

New research by retirement experts at PensionBee suggest that at least 4.8 million pension pots are considered to be ‘lost’ among the UK population with one in 10 workers believing they could have forgotten about a pension pot worth more than £10,000.

One of the main reasons for this is because a person will have on average 9 jobs in their lifetime, so could easily end up with many different pension pots with several providers which can easily be forgotten about.

Jonathan Watts-Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist, explained that the most common reasons for these ‘missing pots’ is due to people either moving home or jobs and not updating their pension contact details.He continued: “It isn’t difficult to track old pensions down, it doesn’t cost anything and could make a big difference to how much income someone has in retirement.

Auto Enrolment was brought in in 2012, 12 years ago, so many people will have a pension from employers since then. It is worth anyone who thinks they may have a lost pension to put in a little bit of time to check if one of the 4.8million lost pension pots could be theirs.” List of all previous jobs Online research Previous Employers Up-to-date statements Once any lost pensions have been located, if there are a number of schemes, it might make sense to consolidate them.