More than £400m languishing in old pension pots

4th May 2018

With more people changing jobs over their working lifetime, the average saver can have multiple pension pots and have no idea how to track them down. What’s more, people move homes and can lose track of paperwork over the years.

As a result, the Department for Work and Pensions (DWP) has estimated there are over £400m in unclaimed pension savings in the UK.

If you’re in this position, then there are various steps you can take. Contacting old employers for details can be a good first step, and then there’s the free Pension Tracing Service provided by the DWP. This service was launched back in May 2016 and has been used more than a million times by savers.


You may want to consider consolidating your various pensions into just one plan. Potential reasons for moving a pension could include seeking better investment performance, looking for lower charges to boost your retirement income and pursuing access to a wider range of investments. But before you make your move, there are downsides that you need to consider.

If you’re in a final salary company pension, also known as a defined benefits scheme, it will often be best advice to stay put because of the guarantees attached to your pension. Some money purchase schemes, referred to as defined contribution plans, also offer guarantees that need to be fully evaluated before transferring to an alternative scheme.


  • Keep a record of all your pension pots, so you don’t lose out at retirement
  • Make pension saving a priority. Consider topping up your contributions whenever your financial circumstances allow, remember, within limits, they attract valuable tax relief
  • Know your state pension age and get a forecast of how much you’ll receive
  • Speak to us about arranging a regular review to help ensure your retirement plans remain on track.

The above is purely for information purposes only and does not constitute advice.