Day 2 of 28 Days Richer
One thing each day that puts money in your pocket and takes 5 minutes or less.
There’s £31.1 billion sitting in unclaimed pension pots across the UK – that’s billion with a B – and 3.3 million of those pots are considered “lost.”
The average lost pot is worth £9,470, and if you’re between 55 and 75, that figure rises to £13,620.
If you’ve changed jobs a few times or moved house without updating your details, there’s a decent chance some of that money is yours.
Why Pensions Go Missing
It happens more easily than you’d think.
You switch employers and forget about your old workplace pension, you move and don’t tell the pension provider, or the provider merges with another company and loses track of you.
Life just gets in the way.
By 2050, experts predict there could be 50 million misplaced pension pots, so the problem is only getting bigger.
Today’s 5-Minute Action
Use the government’s free Pension Tracing Service, which takes about two minutes to submit a request.
You’ll need to know the names of your previous employers, and the service will search their database to tell you which pension providers hold money in your name.
More about why this is so important this episode of The Money Gains Podcast:
What Happens Next
The service sends you contact details for any pension providers they find, and you then reach out to those providers directly to confirm your pot and get access.
It won’t happen overnight, but you’ve started the process and might just find thousands of pounds you’d completely forgotten about.
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