Millions may have £10k pensions they don’t know about – how to check

MILLIONS of workers could be missing out on pensions worth £10,000, new analysis has found.
An estimated 4.8million pension pots are currently “missing” in the UK, according to new research by pension provider PensionBee.

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PensionBee estimates 4.8million pots are ‘missing’ in the systemCredit: Alamy

And the firm found almost one in 10 workers believe they have lost a pension pot worth £10,000 or more – equating to more than three million people.
The total amount of hard-earned retirement money now estimated to be lost in the system is around £50billion.
This is a huge increase on the roughly 1.6million pots estimated to be missing in 2019, worth a combined £19.4billion.
These figures are only expected to increase, according to PensionBee, with the total number of pension pots set to rise by 130% by 2050, from 106million to 243million in total.

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The huge rise in pensions is due to workers switching jobs more frequently than they did in the past, PensionBee said.
Today’s youngest workers are now expected to have at least five pension pots by 65, although some people have accumulated more than 20 pensions over their lifetime.
How do pensions go missing?
When you join a new company, you are usually “automatically enrolled” into that firm’s workplace pension scheme.
If you change jobs, you then join a new workplace pension scheme with your new employer.

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This has created a situation where some people have a number of different pensions and there are concerns many struggling Brits have forgotten about some of their older pots.
If you lose the paperwork for your old pensions and forget which provider they are with, it can be difficult to track them down.
The Government is working on a number of options to help resolve this problem.
One of those is the beleaguered “pensions dashboard” – a facility where workers will be able to view all of the pension pots they have accumulated over their lifetime in one place.

The dashboard was first announced as a policy at the 2016 Budget by then-chancellor George Osborne – but its implementation has been repeatedly pushed back and a final deadline isn’t confirmed.
The Government also recently confirmed it intends to push ahead with “pot for life” plans – as revealed by The Sun.
These proposals could include workers maintaining one pension provider throughout their career, or having one pension pot which follows them from job to job.
While the Government has confirmed its commitment to this idea, it is unlikely to happen anytime soon and the final policy has not yet been decided.

Becky O’Connor, director of public affairs at PensionBee, warned that until any of these policies materialise, it’s important for savers to hang onto their pension paperwork and provider names.
“For anyone who loses track of pensions, the result can, unfortunately, be a poorer retirement,” she said.
“The Government is worki …
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