Campaign marks five years of helping people find lost pensions
- Campaign for employers to help employees find ‘lost’ pension pots worth £31.1 billion, according to the latest survey by the Pensions Policy Institute.
- Average pot value is £9,470, £13,620 for 55 to 74-year-olds.
- Employee benefits consultancy Secondsight urges employers to help staff track down overlooked pensions ahead of National Pension Tracing Day on the last Sunday in October.
As National Pension Tracing Day marks five years, HR and reward teams are being urged to help their employees to unearth mislaid pension pots which could contain buried treasure.
The campaign wants everyone to use the extra hour when the clocks go back on the last Sunday in October to focus on their pensions.
Employee benefits consultancy Secondsight is encouraging employers to use their free toolkit on the NPTD website to help their people find what could be worth thousands of pounds.
The Pensions Policy Institute (PPI) estimates there are 3.3 million lost pots , worth £31.1bn in total – or £9,470 each.
The sums are even higher for those approaching or in retirement. The PPI puts the average lost pot for those aged 55-74 at £13,620.
Secondsight’s Darren Laverty said: “When the clocks go back, move your pension knowledge forward. Imagine giving your people a fantastic surprise by helping them find thousands of pounds they didn’t know about.
“National Pension Tracing Day gives people the perfect reminder to use an hour gained to start reconnecting with money they’ve already saved, but have forgotten about or overlooked.”
“With people having, on average, seven different jobs throughout their working life, and often moving house multiple times whilst doing so, it’s no surprise pension pots go missing.”
“By encouraging their people to take part, employers can make a meaningful difference to the long-term wellbeing of their workforce.”
He added that anyone who found money could boost their pension by either transferring the pot or, if it was the right thing to do, leaving it where it is, now they know where it is.
The campaign was launched in 2020 to give people a simple reminder to reconnect with savings they may have overlooked.
The non-profit initiative, led by Secondsight, is supported by Aegon, Aviva, Legal & General Investment Management, Hargreaves Lansdown, Royal London, Scottish Widows, Smart Pension, Standard Life, The People’s Pension, and the Pay Your Pension Some Attention campaign.
Notes to editors
Data sourced from:
Pensions Policy Institute, Briefing Note 138 – Lost Pensions 2024
About Secondsight
Secondsight is an award-winning employee benefits, wellness and financial education specialist. It works with businesses and charities providing advice, strategies and solutions to clients’ employee benefit and pension needs, group risk, healthcare and financial wellbeing requirements and offers innovative benefits communication strategies. It is the dedicated employee benefits division of Foster Denovo Limited.
About Foster Denovo
Foster Denovo Limited is a multi-award-winning national firm of financial advisers with 13 offices across the UK. Its Partners provide specialist financial advice, services and investment solutions to individuals and their families, businesses, employers and charities.
Advice for individual clients covers the full range of advisory areas, including financial planning, wealth management, retirement solutions, at retirement advice, estate planning, mortgages and protection.
Foster Denovo Limited is part of the Foster Denovo Group Limited.
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