Two-thirds (66%) have never tried to track down lost pots
State pensioners warned ‘millions’ at risk of losing £9,470
State pensioners are being warned millions of pension pots risk being forgotten or lost, with new research from Standard Life revealing that one in four UK adults (26%) don’t know who their current pension provider is.
Two-thirds (66%) have never tried to track down lost pots – despite the average lost pot being worth £9,470. A quarter (24%) of adults don’t realise that moving employers can lead to multiple pension pots, and fewer than one in three (30%) have kept track of all their pensions from previous jobs.
Mike Ambery, Retirement and Savings Director at Standard Life, part of Phoenix Group, commented: “Millions of people risk losing out on valuable retirement savings simply because they’ve lost track of their pensions.
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“With multiple job moves now the norm, it’s easy for pots to slip through the cracks. While tracking pots down may seem like a hard task, there are simple steps you can take to get your pots in order.
“Even if consolidation isn’t the right option for everyone, simply knowing where your pensions are and keeping a record can make a real difference.
“Once you have a clear picture, you can understand whether consolidating appropriate for you – it can simplify your savings, reduce fees in come cases, and give you a better view of your overall retirement income. However, some pots may have valuable guarantees or benefits that could be lost if you move them.
“Each individual pot might not seem significant on its own, but together they can add up to a substantial boost to your retirement income.
“By finding and managing lost pots, people could significantly improve their retirement lifestyle and make sure no hard-earned savings go to waste.
“The good news is help is at hand, with Government initiatives like pensions dashboards and automatic small pot consolidation on the way – but the timelines remain uncertain, so it’s important to take control now rather than wait.”