Following an announcement by the Pensions Policy Institute that the total value of lost pension pots has grown by £7bn in four years from £19.4 billion in 2018 to £26.6 billion in 2022, Gordon MP Richard Thomson is urging constituents to check and see if they might have a lost workplace pension sitting unclaimed from previous employment.
Commenting, Richard Thomson MP said:
“This is a helpful reminder from the Pensions Policy Institute and puts the number of lost pension pots at 2.8 million, worth billions of pounds.
“With the rising cost of living, it's vital that everyone takes the time to trace the money saved up for retirement and put it to good use. The frequency of people switching jobs – accelerated by the Covid-19 pandemic – and the growth of auto-enrolment is likely to be the main reason for the growth of lost pensions in recent years.
“It is not uncommon for people to forget to keep pension information when moving jobs. Although auto-enrolment means more people are saving into a pension, it also means some people are not aware that they have a pension or who manages it for them.”
Find out about lost pension pots and how to reclaim them here: https://nationalpensiontracingday.co.uk/