There is an estimated £19.4bn invested in ‘lost’ workplace pensions according to latest research by Royal London.
Ahead of National Pension Tracing Day, on 30 October, the provider is urging consumer to track down retirement savings plans they might have had with previous employers.
Royal London estimates that one in 30 people have lost track of a pension, and these savings plans are worth an average of £13,000 each.
Royal London consumer finance specialist Sarah Pennells says: “During the cost of living crisis it’s more important than ever that you track down your lost pensions – it’s easy to do, and it’s free.”
She sys many pension become lost when people move home and don’t update details with their various pension providers.
She urged consumer to start by contacting their pension provider. However if they are unsure who that was, or if that company has subsequently been bought or merged with another provider the government’s Pension Tracing Service can help.
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