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More than 6million savers have a missing pension pot - how to get it all back

Mirror logo Mirror 04/05/2021 Levi Winchester

Millions of savers have lost track of at least one of their pension pots - but there are ways to track down forgotten cash.

New research from Aegon shows some 6.4million people between the ages of 22 and 65 may have misplaced some of their future retirement fund.

Pensions can become lost for several reasons including if you’ve moved address, lost paperwork, or if the company has been taken over or rebranded.

But if you don’t keep track of where your funds are, it can be easy to forget where your crucial savings are invested for later life.

Despite there still being millions of people with forgotten pensions, the overall figure of those who’ve lost track of at least one pot has reduced slightly in the last five years.

Have you recovered a lost pension? Let us know:

a hand holding a remote control: It can be easy to lose track of your retirement pot © Getty Images/EyeEm It can be easy to lose track of your retirement pot

For people who had multiple pension pots, those who have misplaced one has dropped from 21% in 2016 to 17% in 2021.

Aegon head of pensions, Kate Smith, said: “As nearly every job comes with a pension now, it’s no surprise that the number of people with multiple pension pots has increased over the years.

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“It’s really positive to see a fall in the number of people who have lost track of their pensions, which could indicate that people are becoming more conscious of their workplace pensions.

“This doesn’t mean that we can put the challenge of lost pension pots behind us just yet.

“In fact, as the number of pension pots per person grows through a lifetime of work and while we await the delivery of pension dashboards, there’s a growing risk that losing track of pensions could become more common.”

How to track down lost pensions

The Association of British Insurers estimates there are 1.6 million lost pensions worth a collective £19.4billion.

They reckon this puts the average size of a forgotten pot at around £13,000.

If you're not sure where to start, the government has a free Pension Tracing Service tool to track down lost pensions.

This is a free service which searches a database of more than 200,000 workplace and personal pension schemes.

But keep in mind the Pension Tracing Service will only tell you the contact details of a provider - not the amount you could have in a pension.

You'll need to contact the pension administrator yourself to find out if you have any funds with them.

The more information you can provide about yourself and your employment history, the easier it will be for experts to track down any money.

Alternatively, if you're looking for an old workplace pension, you can contact your employer and they should be able to provide you with the right details.

Pension Wise and The Pensions Advisory Service are two other free services that offer free advice.


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