Rebecca Wilcox urges Brits to check if they have any lost pensions (Image: BBC/Morning Live)
Brits are being warned there are “millions” of unclaimed pensions with the average pot amounting to £9,470. A “lost” pension is where the provider can’t get hold of the pension holder anymore. This might be because they don’t have a current address or the holder has changed employer.
Consumer journalist, Rebecca Wilcox, told the BBC‘s Morning Live show that if someone does not update their details with their pension supplier, then their pot may well be lost. She added: “This is a massive deal because loads of people have lots of jobs and they don’t realise they’re paid into at source. There’s thought to be millions of lost pensions in the UK.”
Pensions UK reports that 3.3million pension pots are now deemed to be lost, with an average of £9,470. It says the value has risen 60% since 2018.
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Ms Wilcox said the average lost pot amount is “huge”, adding: “Even if it’s not that much, they could all add up over time. They’re just sitting there growing in value and we’re not getting access to them.”
She described two ways of finding out if you have a lost pension. The first is the Government’s pension tracing service, which she said was “really simple”.
This involves confirming whether you are searching for a workplace or personal pension you set up yourself.
You enter the name of the employer and the service can bring up the provider’s address and phone number.
Knowing the name of the provider or your former employer helps.
Ms Wilcox said the service is “a bit limited” as it will not reveal if you definitely have a lost pension or if there is money in the pot.
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But she said it is a “really good starting point” from which to investigate further.
An alternative detailed by Ms Wilcox is called Gretel. The expert said the service will tell you if you do have a pension and it may even put you in touch with the provider.
She added: “What I want to say is neither of those are fool proof… I would go back to paper, I’m afraid, and have a look at all your old paperwork, your payslips… a pension letter… Anything that you have, a bank statement.”
Former HR staff may be able to help too, having potentially also made the move to another employer and pension provider, she suggested.
Detailing further advice, Ms Wilcox urged viewers never to assume that a pension is too small to look for.
The journalist concluded: “They really do add up and it’s worth you having it, not letting it get lost in the ether.”
