Find lost pension: how to find 'lost' pensions with pension tracing service as over £31bn sits in dormant pots

• An estimated £31.1 billion is sitting in unclaimed or lost pension pots across the UK
• Approximately 3.29 million pension pots are classified as lost, averaging £9,468.93 each
• The total value of lost pensions has surged by nearly £12 billion since 2018
• Lost pots often result from job changes and automatic enrolment into workplace pensions
• The average lost pot value increases to £13,620 for those aged 55 to 75, crucial for retirement planning
• As National Pension Tracing Day approaches, experts are urging savers to track down their missing pensions

An estimated £31.1 billion is currently sitting in unclaimed, inactive or lost pension pots in the UK.

Research from the Pensions Policy Institute (PPI), conducted for the Pension Attention campaign, reveals that around 3.29 million pension pots are considered “lost”, with an average balance of £9,468.93 each.

The PPI defined lost pots as those managed by a pension provider who is unable to contact the owner of the pot.

This could mean that the provider has not heard from the owner for a while, or they have discovered that the details held for the owner are out of date.

Since 2018, the total value of lost pension pots has risen by nearly £12 billion. Researchers attribute the growing number of missing pension pots to a combination of job changes and automatic enrolment in workplace pensions.

While the average lost pot is worth around £9,470, this rises to £13,620 among people aged 55 to 75, which could be crucial for people approaching or in retirement.

Ahead of National Pension Tracing Day on Sunday 27 October, the pensions industry is encouraging savers to track down their retirement pots. Here’s how to do just that...

How to ‘trace’ your pension

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.”

You may find you can track down pensions by speaking to former employers, or by logging into pension providers’ websites or apps, but the UK Government’s Pension Tracing Service is also available to help you find lost pension pots.

You can also visit the PLSA website to get an idea of whether they may be on track for the sort of income they expect in retirement. The PLSA has developed a set of retirement living standards to indicate what may be affordable in retirement.

Have you ever lost track of a pension pot or found unexpected savings? We’d love to hear your experiences and tips! Share your thoughts in the comments section.