AD FEATURE: Pension experts warn Brits are sitting on £50billion of missing cash in lost pots
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It’s no secret that pensions can be confusing, leading many people to make simple mistakes when managing their savings. In fact, recent research by the Centre for Economics and Business Research has revealed that Brits are collectively sitting on £50 billion worth of unclaimed pension pots. This is largely due to people losing track of old workplace pensions as they move between jobs over the years.
Right now, an estimated 4.8 million pension accounts in the UK are unclaimed—either because their owners are unaware they exist or they’re unsure how to find them. Nearly one in ten workers believes they have a lost pension pot worth £10,000 or more. To put it into perspective, the total value of missing pensions is close to the UK’s entire defence budget for 2023/24 of £54.2 billion.
The situation is getting worse. The number of missing pensions has tripled from 1.6 million in 2019 to 4.8 million today, and it’s expected to rise further as younger workers are likely to have at least five separate pension pots by the time they reach retirement. In some cases, people with multiple job changes could end up with 20 or more pensions, making it all too easy to lose track.
If you think you may have a lost pension pot somewhere, or if you’re unsure given your job history, it’s worth taking action now. The good news is that firms like Jarvis offer a simple, free solution to help you track down and consolidate your pensions.
To locate your lost pensions, all you need to know is where you worked and when you worked there. Jarvis does the rest—searching for your pensions across multiple providers and consolidating them into a single view. This gives you a clearer picture of your retirement savings, helping you make better-informed decisions.
