PensionBee is urging savers to check for missing pensions from previous employment ahead of National Pension Tracing Day this Sunday.
According to research from the Pensions Policy Institute (PPI), in 2024 there were around 3.3 million lost pension pots in the UK, a combined £31.1 billion in assets. The average value of a lost pot among people aged 55 to 75 was £13,620. For those aged 75 and over, the average value fell by almost half since 2022, from £12,190 to £6,540.
A lost pot refers to a pension a person has become disconnected from due to job changes, house moves, or failure to keep details updated. PensionBee said even small pots can meaningfully boost retirement income when located and consolidated.
PensionBee chief business officer UK Lisa Picardo says: “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.”
