Pensions - Articles - National Pension Tracing Day with millions losing out

 With many people changing jobs multiple times throughout their careers, it’s easier than ever to lose track of old workplace pensions – potentially leaving significant hard-earned savings untapped.

 Research from the Pensions Policy Institute (PPI) showed there were an estimated 3.3 million lost pension pots in the UK in 2024, accounting for a combined £31.1 billion of assets. The average size of a lost pot among those aged 55–75 was £13,620. Interestingly, for people aged 75 and over, the average value of lost pots fell by almost half since 2022, dropping from £12,190 to £6,540.

 A “lost pot” is a pension that a person has been disconnected from, often because of job changes, house moves, failure to keep personal details up to date, or scheme transfers, making it difficult to keep track of multiple pensions over a lifetime. While many lost pots are small, when combined they can make a real difference to retirement income.

 Lisa Picardo, Chief Business Officer UK at PensionBee, said: “National Pension Tracing Day is an important reminder that taking just a few minutes to check for old workplace pensions could make a real difference to your retirement outcome. Many people move jobs several times over their careers, and small pots can easily be forgotten or lost yet when combined they can add up to a significant sum. Consolidating pensions not only makes it easier to manage and engage with your savings, but also helps ensure your hard-earned money continues to grow efficiently. The sooner you take stock and build a clearer picture of your retirement savings, the better – and the more control you’ll have over your financial future.”