Copyright birminghammail
Saving your pension pot can feel like an uphill struggle, but by making one check you could give it a significant boost to make retirement a little easier. Over the years you may have changed jobs multiple times, opening small workplace pensions that were left with the previous job. Research from the Pensions Policy Institute revealed there were around 3.3 million lost pension pots in the UK last year, worth a combined £31.1 billion. Read more: UK households face paying just £84 for TV license under one condition Among savers aged 55 to 75, the average lost pension was worth £13,620. Lisa Picardo, the chief business officer UK at PensionBee, said: “National Pension Tracing Day is an important reminder that taking just a few minutes to check for old workplace pensions could make a real difference to your retirement outcome. “Many people move jobs several times over their careers, and small pots can easily be forgotten or lost, yet when combined they can add up to a significant sum.” She added: “Consolidating pensions not only makes it easier to manage and engage with your savings, but also helps ensure your hard-earned money continues to grow efficiently. “The sooner you take stock and build a clearer picture of your retirement savings, the better, and the more control you’ll have over your financial future.” John Upton, Policy Analyst commented "In support of National Pension Tracing Day, the industry is encouraging savers to ensure they have control of their pension pots. "The PPI has conducted new fieldwork to understand the scale and progression of this problem. "The research shows there are now an estimated 3.3 million lost pots containing £31.1 billion worth of assets in pension pots for which the provider has lost contact with the owner, which has climbed from the 2.8 million pots worth £26.6 billion in 2022. "The average size of a lost pot is now £9,470, and savers would not want to miss out on this money that they could use to improve their retirement.” Chris Blackwood, spokesperson for the Pension Attention campaign, said: “If you can do one thing today, use the pension tracing tools to find any lost pension pots. It only takes a few clicks, and you could substantially add to your pot.” Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, highlighted the urgency of tracking down a lost pot sooner rather than later, as the money could have a “major impact” on your retirement planning.
