Britons have been urged to make a three-minute check to ensure they aren’t missing a pension windfall worth thousands of pounds. Many workers have had multiple employers throughout their careers, and each employer may have enrolled them in a pension scheme.
Each company typically has its own selected plan, which can make it challenging for people to keep track of the funds contributed across different employers. Research by the Pensions Policy Institute (PPI) suggests that as much as £31.1 billion could be lying in unclaimed, inactive, or lost pension pots. At the time the research was conducted in late 2024, 3.3 million pension pots were considered lost, at an average sum of £9,470.
Gretel, a free online platform that helps people find lost pensions, says its own tracing data suggests the amount of lost and forgotten pensions could now be even higher at around £64billion. That indicates the average could potentially be even higher.
Duncan Stevens, chief executive of the UK-based fintech firm, told Express.co.uk: “People are often surprised at just how easy it is to lose track of pensions over time.
“The average UK worker now has around 11 jobs or employers during their lifetime, and every job can potentially mean another pension pot to keep track of.
“Add in the fact that many people move home five or six times during their lives, and it becomes very easy for pension providers to lose contact with customers over the years.”
Mr Stevens added: “We regularly see people reunited with life-changing sums of money they had completely forgotten existed. Even relatively modest pension pots can have grown substantially over time.”
To source lost pensions, people can use tracing services, such as Pension Attention or Gretel. Gretel claims that its service can deliver results in just three minutes. Once registered, it will continue searching for you every 14 days and notify you of any new matches.
The Government also offers the Pension Tracing Service, an online tool that’s easy and simple to use. You’ll need either the employer’s name or the pension provider’s name. The helpline will then provide contact details so you can get in touch.
Mr Stevens explained: “If you don’t have all your old paperwork, make a list of your previous employers and use GOV.UK to search using the Pension Tracing Service.
“If it fails to find any details, which it sometimes does in the case of old policies, try looking up the employer’s details on Companies House and then contact them directly to find the company now administering the pension.”
Earlier this year, Gretel launched Billions 4 Millions, a national campaign that has seen it work with providers to reunite UK consumers with £1billion in mislaid funds across various savings mechanisms (like investments, pensions and insurance) by the end of 2026.
Lost savings across sectors were estimated to be as high as £89billion.
In a new update, Gretel revealed the campaign has already passed the £1billion milestone and is now increasing its ambition to £3billion by the end of 2026.
According to the firm, campaign data shows the largest single reconnection so far was £249,000 to a woman in her 60s from Wiltshire.
It also found:
- Pensions are the sector where most assets are being reunited
- The average value per reconnection across all savings sectors was £12,000
- The highest average value by product area was investments at £22,500
Mr Stevens, who is also the convenor of Billions 4 Millions, said: “The progress we are seeing shows just how significant this issue has become, but also how much can be achieved when the industry works together.
“Behind every reconnection is a person or family being reunited with money that is rightfully theirs, often at a point in life where it can make a real difference financially.”