Pension experts shared their guide to tracking down lost pension pots as £31.1billion is believed to be unclaimed across the UK
New research shows at least 4.8 million pension pots are unclaimed, and considered “lost”, in the UK with 1 in 10 workers believing they’ve lost a hefty pension pot but are unsure about how to find and reclaim it.
Current estimates claim each person could be missing £9,470 on average or up to £13,620 for people over the age of 55. Jonathan Watts-Lay, Director of WEALTH at work, warned people against simply writing off what could be life-changing funds. Once you’ve discovered all of your pension pots, it’s important to take stock of what type of pension schemes you have as it’s not always wise to simply combine them all. The expert urged people to keep defined benefit pension schemes separate, particularly if the value is greater than £30,000.
To consolidate, or combine, your pension pots, Jonathan recommended talking to the provider of the pension pot you want to transfer into. This will likely be your current workplace pension or private pension.
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