Supported by the Money and Pensions Service (MaPS), the survey’s new methodology and record market coverage establishes a fresh chapter for the sector-leading research series, uncovering non-comparable insights to previous editions.
The findings show the lower-bound estimate of the total asset value for lost UK pension pots to be £18.7bn, with the average value of a lost pension pot amounting to £6.22k.
Most lost pension pots (81.88%) are held by members aged under 55, according to the study, accounting for approximately 2.5m of all lost pots and £12.9bn of total lost assets. The report adds this demonstrates the effect of rules limiting those under the age of 55 from accessing their pension savings, as well as patterns of employment, automatic enrolment, and higher job mobility among younger workers.
Conversely, only an estimated 8k (0.26%) of all lost pots belong to those over the age of 75. However, the research notes this age group has the highest proportion of lost pots per age cohort, with 13% of all pots linked to over 75 year-olds considered lost. This suggests that pots remaining uncrystallized after retirement age may be more likely to be genuinely lost, the analysis states. Adding to related trends, the results also show women’s lost pension wealth is over 20% lower on average, with the mean lost pension pot size for men and women being £6.83k and £5.37k respectively.
For the first time, the survey included exploratory evidence on Defined Benefit (DB) pensions. Despite limitations to support market-estimates, the evidence suggests that lost DB entitlements exist across scheme types and may be valuable enough to affect member outcomes. The findings highlight the need for improved data before the scale and value of lost DB entitlements can be reliably understood.
The Lost Pensions Survey is the UK’s definitive evidence base on the scale and value of lost pension pots. Since its inception, the survey has shaped public debate, informed policy development, and supported small pot consolidation through increased public awareness via the research’s media impact.
With National Pensions Tracing Day taking place on Sunday 25 October, the new PPI research highlights the continued scale of the lost pensions challenge, with millions of people potentially affected by pension pots that have become disconnected from their owners.
Dr Suzy Morrissey, Deputy Director of the Pensions Policy Institute, commented: “As the PPI’s new figures show, lost pension pots remain a significant issue for savers, providers, and policymakers. At a time when pensions policy decision-making could particularly impact tomorrow’s retirement adequacy challenges, the PPI is proud to provide an updated examination of this multi-billion pound policy issue potentially affecting millions of individuals. With particular thanks to the Money and Pensions Service for supporting this work, we are delighted to continue to deliver independent evidence, aiding informed pensions policy development at this critical period for the sector.”
Oliver Morley, CEO of the Money and Pensions Service said: "With around 2.5m lost pensions belonging to people aged under 55, there is a need to ensure no-one is missing savings for the retirement they want.
“The MoneyHelper Pensions Dashboard being developed by MaPS, expected to launch in financial year 2027/28, will help tackle this problem. As well as a single overview of pensions in one place, a dashboard will show pensions that people may have lost touch with. While this is only part of the important work to ensure people have the retirement savings they need, it is a vital part of making planning for later life easier."
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