Many individuals may struggle to keep track of their pensions, especially if they have changed jobs frequently. Recent research conducted by the Pensions Policy Institute (PPI) in 2024 revealed that around £31.1 billion is currently held in lost or unclaimed pension funds.
One man, John Ferguson, a 32-year-old security professional residing in Edinburgh, successfully located £10,000 in lost pension pots using the Penny app. With the help of this app, Ferguson identified seven pension pots, two of which he was unaware of previously. He anticipates discovering two or three additional pensions in the future.
Ferguson shared his positive experience with the Mirror, highlighting the ease of using the Penny app. By inputting past employment details, the app can locate forgotten pensions, as was the case for Ferguson’s discovery of one pension from his teenage years.
The Penny app assists users in tracking down their pension pots by utilizing National Insurance numbers and any available information related to past employment or pension providers. Furthermore, the app offers the option to consolidate multiple pensions into a single account, although individuals should carefully consider factors such as transfer fees, potential loss of benefits, and charges associated with the new provider.
For those seeking additional assistance in locating lost pensions, the government offers a free Pension Tracing Service. This service requires providing previous employment information to obtain contact details of pension providers, enabling individuals to reconnect with their funds. Additionally, a new pensions dashboard tool is set to launch later this year, allowing individuals to access all their pension information conveniently in one place, with an estimated 3,000 providers and schemes expected to be connected by October 31, 2026.