Brits are being urged to make one check, which could increase their pension savings by £9,470 on average. Experts said savers risk missing out on cash that could make a real difference to their retirement unless they act.
Research previously revealed that around £31.1 billion is sitting in unclaimed, inactive, or lost pension pots in the UK. The money is spread across around 3.3 million forgotten accounts, worth an average of £9,470, rising to £13,620 among those aged between 55 and 75. The study, carried out by the Pensions Policy Institute (PPI) and sponsored by the Pension Attention Campaign, found that the value of lost pension pots increased by 60% between 2018 and 2024.
Industry experts are urging people to check their retirement pots by visiting pensionattention.co.uk. The website provides access to free pension tracing tools which help find forgotten pots from previous jobs.
According to the experts, the combination of switching jobs and auto-enrolment is the most likely reason behind people having unclaimed pots. They may also move house or change names without notifying previous pension providers, which makes it impossible for companies to send annual statements.
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.”
Nigel Peaple, director of policy and advocacy at the Pensions and Lifetime Savings Association (PLSA), also previously said: “It’s more important than ever, as people face difficult financial choices, that they have confidence in their workplace pension and understand their savings.
“Pension Attention is about getting savers to connect – or reconnect – with their pension, to help them feel good about having one, and to show them how easy it is to keep track of it.”