The figures in the studies are likely to be even higher as the research did not look into lost pensions held in the public sector, or with trust-based schemes typically run by employers. These findings highlight the scale of the lost pensions problem.
Tracing pensions that have been unclaimed can make a real difference to millions of savers who have simply lost touch with their pension providers.
Providers make considerable efforts and spend millions every year trying to reunite people with lost or forgotten pension pots. In 2017, more than 375,000 attempts were made to contact clients, leading to £1 billion in assets being reunited with them.
However, firms are unable to keep pace with a mobile workforce that moves jobs and homes more often than ever before. Prevention is better than cure, so be sure to keep all your pensions paperwork in one place. You should also tell your previous pension scheme administrator about any changes of address.