New figures have indicated that an estimated £31.1 billion is sitting in unclaimed, inactive or lost pension pots, with the average value of these pots being £9,469. The Pensions Policy Institute (PPI) has found that approximately 3.
29 million pension pots are considered lost for various reasons, such as job changes or outdated contact information with pension providers. For people aged between 55 to 75, the average value of a lost pension pot stands at £13,620. Lost pots are defined by the PPI as those under the management of a pension provider who cannot get in touch with the pot's owner.
These new statistics emerge as part of the Pension Attention campaign, spearheaded by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA), with backing from the pensions industry. The campaign is gaining momentum as National Pension Tracing Day approaches on Sunday, October 27. Chris Blackwood, the spokesperson for the Pension Attention campaign, urged: "If you can do one thing today, visit pensionattention.
co.uk and 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.
Additionally, you could also retrace your career steps, check old papers, look for any gaps in your pension history, and contact your provider to update your contact details." The total value of unclaimed pension pots in the UK is believed to have skyrocketed by nearly £12 billion since 2018. Ho.