The UK has a lost pension problem.
Recent research from the Pensions Policy Institute estimates there are around 3 million lost pension pots in the system worth an estimated £18.7bn. And it’s easily done.
We move jobs and houses and do not update our contact details and before we know it a pension is forgotten. Then, over time, that small pension grows and failing to track it down could end up leaving you worse off in retirement.
The good news is that many of us are taking steps to track down those pensions. A recent freedom of information request from HL to the government’s Pension Tracing Service shows that between 1 September 2025 and 31 August 2026 they received an estimated 863,000 online requests.
How to find a lost or old pension
If you think you may have lost track of an old pension, then it’s worth taking a bit of time to make a list of where you’ve worked and whether you think you had a pension with that employer.
Go through your pension paperwork and if you’re missing anything then get in contact with the Pension Tracing Service. It’s free and all you need is the name of the employer or pension provider. The service cannot tell you if you do have a pension, but they can give you contact details to go find out.
This is a relatively quick job that could transform your retirement.
Should you consolidate your pension?
Once you’ve tracked down your pensions it might make sense to consolidate them with one provider.
Having one overarching view of what you have can save you time, admin and money. It can also mean you make better decisions around your retirement income.
For instance, if you have a couple of small pensions, you might be tempted to cash them in whereas if they’re consolidated into a larger pot then you may decide to leave it where it is.
If you do decide to consolidate then do your research when choosing a provider. Choose one that meets your needs whether that’s wide investment choice, access to a helpdesk or educational materials to help you build your plan.
But before you take the plunge and consolidate make sure you are not missing out on valuable benefits.
For instance, older pensions might have high exit charges, or you could be missing out on a valuable, guaranteed annuity rate – take the time to check. It’s also important to say that it rarely makes sense to transfer out of a defined benefit pension.
This article is for information only and not personal financial advice. Investments can go up and down in value, so you could get back less than you invest. If you’re not sure what’s right for you, a financial adviser can help.