Do you have missing pension pots?
Each year, countless pensions go missing. In fact, there’s a massive £26.6 billion in lost pensions in the UK! So, if you’re wondering “How do I track down my missing pension pots?”, you can find out below.
How big is the average missing pension pot?
The Association of British Insurers (ABI) has reported that the £26.6 billion that has been lost is scattered across 2.8 million missing pension pots. That means the average missing pension pot in the UK is £9,470. Not something you want to pass up when you can find yours so easily.
Finding missing pension pots has become such a major issue that 29th October is now National Pension Tracing Day! But whatever day you’re reading this on, don’t delay. Now is the time to finally do a deep dive on your pension savings history and uncover any hidden pots you may have forgotten about. And we can help you do it!
Why do pension pots go missing?
Let’s face it, life gets busy. House moves, career shifts, and bustling family lives make it all too easy to lose track your big picture finances, like long-term pension products you enter over the years.
If you feel like you’ve lost your overview when it comes to managing your pension savings, you’re not alone. Those 2.8 million missing pension pots belong to people who feel the same way. And if you track down your missing pension pots you could be substantially better off when it comes time to retire!
How to find your lost pension?
Now, the burning question: “How do I find a missing pension?” Thankfully, there are several resources at your disposal:
- Government’s Pension Tracing Service – the DIY pension tracing tool from the UK Government.
- Find a lost pension – various tools and services to assist you from the Association of British Insurers.
- Contact Lomond Wealth – when you come to us for a personalised pension plan, our pension specialists will track down all your missing pots to maximise your retirement savings. We can also advise you on consolidating all the pensions we find into one pot.
The benefits of consolidating your pensions
Once you’ve discovered your missing pensions, what next? Depending on your unique circumstances, you might find it beneficial to consolidate multiple pensions into a single pot. Not only does this make it simpler to manage, but it can also streamline your retirement planning and potentially offer better financial outcomes. However, we will always advise you based on your specific needs and goals.
Don’t miss out on your money
Don’t let a busy life or a lack of understanding rob you of your hard-earned retirement savings. With the free resources above, and our team of expert pension advisors available to you, now is the time to reclaim what’s rightfully yours.
Find your missing pension pot with Lomond Wealth
If you need assistance in tracking down your missing pension pot or are considering consolidating your pensions, reach out to us. As a Lomond Wealth client, our pension specialists will be there to guide you every step of the way.