More than three million lost UK pension pots worth £6,000 average

Summarised from 2 outlets · Updated 12 Oct, 10:14 · Archive

More than three million UK pension pots, averaging around £6,000 each, are estimated to be lost, according to research from the Pensions Policy Institute (PPI) supported by the Government-backed Money and Pensions Service. The total value of these lost pensions is estimated at £18.7 billion. Around 2.5 million of the lost pots are held by people aged under 55, with an average value of £5,250, while those aged 55 to 74 hold pots worth an average of £10,710. Women's lost pots average slightly lower than men's, at around £5,370 compared with £6,830.

Pension pots become lost when people change jobs or move address without updating their pension provider. A lost pension is defined as one where the provider is unable to contact the pot owner. Dr Suzy Morrissey, deputy director of the Pensions Policy Institute, said the research shows that 'lost pension pots remain a significant issue for savers, providers and policymakers'. Oliver Morley, chief executive of the Money and Pensions Service, highlighted the need to ensure younger savers do not miss out on retirement savings. The research was released ahead of National Pensions Tracing Day on 25 October.

How it is being reported

• Millions of pension savers urged to claim £6,000 in 'lost' cash - how to track yours downPension pots can become lost when people change jobs, or if they move address and forget to update their pension providerThe Mirror · 12 Oct, 09:56
• Pension savers ‘sitting on three million lost pots worth average of £6,000’The average lost pension pot among people aged 55 to 74 is £10,710, the Pensions Policy Institute said.Evening Standard · 12 Oct, 00:01

In this story: Pensions Policy Institute · Money and Pensions Service · Dr Suzy Morrissey · Oliver Morley · UK

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