Are you losing track of your pension funds due to frequent job changes? Research from the Pensions Policy Institute reveals that around £31.1 billion is currently unclaimed or lost in pension pots.
John Ferguson, a 32-year-old security professional from Edinburgh, discovered £10,000 in missing pensions using the Penny app. He was surprised to find seven pension pots, including two he was unaware of, and anticipates more to be uncovered.
The Penny app utilizes your National Insurance number and employment or pension provider details to locate your lost pensions. It also offers the option to consolidate multiple pensions into one, but factors like transfer fees, potential loss of benefits, and new provider charges should be considered beforehand.
For pension tracking assistance, you can utilize the free Government tool known as the Pension Tracing Service by providing your previous employment information. Additionally, a new pensions dashboard tool is set to launch this year, allowing individuals to access all their pension information from various providers in one place by October 31, 2026.
