Finding Your Lost Pension: A Journey to Financial Freedom
Ever feel like you’re chasing a ghost of your own savings? National Pension Tracing Day is here to turn those phantom pots into real assets.
Where’s the Gold?
- It’s estimated that 2.8 million pension accounts are missing or forgotten.
- Each one averages £9,500, piling up to a staggering £26.6 billion across the UK.
- That’s like a bank‑note of £809 tucked away for every working person.
The Real Surprise
When you finally trace your pensions, you might discover a stronger financial footing than you imagined.
Key Takeaways from the Experts
- Patrick Luthi, CEO of NOW: Pensions, says that if you’ve hopped jobs during your career, you probably have several pensions scattered around.
- Missing the full picture makes retirement planning a guessing game.
- Tracing can reveal how many years you can truly afford to retire and the comfort level you can expect.
Why Consolidation Booms
Research reveals that most folks don’t realize the perks of consolidating pensions:
- Less admin time—so you can actually enjoy that coffee break.
- A clearer sense of control over future finances.
- Potentially lower charges—a win for your wallet.
In short: consolidating is simpler and cheaper for those planning ahead.
Not One‑Size‑Fits‑All
Every case is unique. We recommend weighing pros and cons and seeking professional advice if you’re uncertain.
The Money Helper service offers a wealth (pun intended) of guidance right on its website.
Positive Outlook from the Government
The government’s focus on addressing the “small pots” issue means:
- Deferred small pots will be protected under consolidator schemes.
- Employees moving jobs will no longer lose these pots.
We’re excited to keep working with the Department for Work and Pensions for a solution that genuinely benefits savers.
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