Across the UK, millions of people are believed to have pension pots that have effectively been forgotten. In total, about £31.1 billion in retirement savings remains unclaimed or lost, with the average abandoned pot valued around £9,500. These forgotten funds could significantly bolster retirement income but often remain untouched due to changing jobs, lost paperwork, or simply being unaware of the pension’s whereabouts.
Experts urge individuals to track down their pension pots and consolidate them where possible to maximize growth and reduce fees. Tools and services are available to help locate lost pensions, ensuring these valuable savings don’t remain dormant. Taking the time to reclaim these assets can make a meaningful difference in one’s financial future.