Are you losing track of your pensions due to frequent job changes? A staggering £31.1 billion in unclaimed or lost pension funds was reported in 2024 by the Pensions Policy Institute (PPI).
John Ferguson, a 32-year-old security worker from Edinburgh, discovered £10,000 in missing pension pots using the Penny app. He uncovered seven pension pots, including two previously unknown ones, with the potential for more to be found. Ferguson praised the app’s ease of use, emphasizing that minimal information is required for assistance.
Penny helps locate lost pensions by utilizing your National Insurance number and any available details about past employment or pension providers. Additionally, the app offers the option to consolidate your pensions into a single pot, but considerations must be made beforehand.
Before transferring plans, check if your current provider imposes fees or if you risk losing benefits like guaranteed annuity rates or tax-free cash protection. Evaluate the charges associated with the new provider; Penny, for instance, charges 0.75% annually for default pension plans. Seek free pension advice prior to making significant decisions regarding your retirement savings.
The Pension Tracing Service, a free Government tool, aids in locating lost pensions by requiring previous employment details. It provides contact information for the pension provider, although details of invested amounts must be obtained by contacting the administrator directly.
A new pensions dashboard tool set to launch this year will enable individuals to view all their pension information in one place. By October 31, 2026, around 3,000 providers and schemes are expected to be integrated into the dashboard.