Millions Missing Out on £31.1 Billion in Lost Pension Pots
A staggering £31.1 billion in lost pension pots remains unclaimed by millions
Pension, UK, Lost Pots, Pensions Policy Institute, Age UK
London: Did you know millions of folks are missing out on their pensions? It’s true! There’s over £31 billion in lost pension pots just sitting there, waiting to be claimed.
According to the Pensions Policy Institute, there are about 3.3 million of these lost pots. That’s a lot of money, averaging around £9,469 per pot. If you’re between 55 and 75, that average jumps to about £13,620!
What’s even wilder is that the value of these lost pots has shot up by 60% since 2018. So, if you think you might have a lost pension, now’s the time to look into it.
So, how do these pots get lost? Well, it’s mostly because people change jobs more often these days. With auto-enrolment becoming the norm, it’s easy to forget about old pensions.
If you’re trying to track down your old pension schemes, Age UK suggests using the pension tracing service on Gov.UK. It’s free and can help you find your pensions, even if you don’t have the provider’s contact info.
Before you dive in, gather some details like your old employer’s name and any previous names they might have had. The more info you have, the easier it’ll be.
And what if you don’t claim your pensions? Well, they usually just sit with the providers. They might eventually get transferred to a dormant accounts scheme, but you can still claim your money whenever you want.