Guide to tracing and consolidating your pensions

How to find lost savings and build a stronger retirement plan

In a time when switching jobs is more common than ever, millions of people in the UK risk losing touch
with their hard-earned retirement savings.

Every time you change jobs, there’s a chance a pension fund is left behind, gradually forgotten as your career advances. These unclaimed funds can go unnoticed for years, potentially resulting in thousands of pounds being missed when you need them most.

Tracing lost pensions isn’t just about organising paperwork; it’s a vital step in protecting your financial future. Without a clear picture of all your retirement savings, you might underestimate your total pot, plan less effectively or even have your money stuck in high-cost, poorly performing schemes. Failing to track every pension could result in missing valuable retirement income or losing benefits tied to specific plans.

New research highlights a concerning gap in financial awareness, with many individuals potentially missing
out on a significant part of their future income because pension pots from previous jobs have been forgotten.

The findings are revealing: one in four UK adults (26%) admits they do not know who their current pension provider is. This lack of engagement is worsened by the fact that two-thirds (66%) have never tried to locate a lost pension, even though the average lost pension pot is worth around £9,470. This highlights a widespread misunderstanding of how pensions work, with a quarter (24%) unaware that switching employers often results in multiple, separate pension pots.

This guide will take you through the importance of tracing your old pensions, the potential advantages of consolidating them, and the practical steps you can follow to regain control of your financial future.

Why you should trace your old pensions

Checking for old pensions today is a wise decision for your future, with benefits that can significantly influence your retirement security. Throughout your working life, it’s common to hold several jobs, each possibly linked to a different pension scheme. Even small pots you may have forgotten about can grow into substantial sums over the years thanks to compound investment growth.

Tracing your old pensions helps you understand your total retirement wealth, which is crucial for setting realistic goals and planning with confidence. For example, you might discover several smaller workplace pensions from early jobs, which, when combined, could significantly boost your overall savings. Locating these pots allows you to review fees, fund performance and benefits that might otherwise be overlooked.

Furthermore, some pensions may include valuable early retirement options, life insurance or guaranteed annuity rates that you could easily overlook without proper records. If these benefits remain unclaimed, they might be lost forever or your funds could stay stagnant in poorly performing or high-fee investments. Tracking your pensions also helps protect against fraud or accidental loss, as unclaimed pension pots are harder to safeguard if your contact details become outdated.

Ultimately, staying involved with all your pension savings boosts your confidence, lowers the risk of surprises later on and positions you best to make informed decisions about your long-term financial wellbeing.

Key reasons to trace your pensions include:

• You could find forgotten money: Locating old pension pots directly boosts your retirement savings, giving you more to live on in your later years.
• Ensure your money is working hard: Your old pensions may be in schemes with high charges or
  poor investment performance. Finding them allows you to assess their value and, if needed, move them to a better-performing fund.

The research shows that fewer than one in three people (30%) have kept detailed records of all their pension funds from previous jobs. By taking the time to find out what you have, you regain control.

Get in touch

The start of a new year is an ideal time to take control of your financial future. Why not make 2026 the year you take charge of your money and develop a strategy that truly suits you?

For more detailed information, refer to our guide or contact our financial planners to find out how we can help you through the creation and implementation of a personalised financial plan. 

Important information

THIS GUIDE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE. THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, AND YOU MAY GET BACK LESS THAN YOU INVESTED. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE ESTATE PLANNING, TAX ADVICE OR TRUSTS. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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