THE pension industry is rallying together for the UK’s first ever National Pension Tracing Day which aims to identify owners of more than 1.6million lost or forgotten pension pots worth approximately £19.4billion.
National Pension Tracing Day takes place on 31 October 2021 to coincide with the clocks going back and encourages people to utilise the extra hour to search for pensions they might not know exist. The Department for Work and Pensions (DWP) predicts there could be up to 50million lost pensions by 2050 if nothing is done to try and reunite owners with their retirement funds.
Partner and Actuary at Quantum Advisory, Stuart Price, commends the new initiative. Stuart said: “So many people change job without notifying their pension providers and the pension is forgotten about.
“It’s estimated that nearly £20billion is lying idle in pension pots that no-one knows about which is a staggering amount of money sat waiting to be claimed. People should use this day to visit the dedicated online resource centre run by the government, which is so easy to use and get the ball rolling”
National Pension Tracing Day was founded by Punter Southall Aspire, with backing from Scottish Widows, Aegon, Legal & General and Standard Life. People are encouraged to take a moment on the day the clocks go back to initiate tracing lost pensions. The government runs a Pension Tracing Website with helpful information about the process. Visit https://www.gov.uk/find-pension-contact-details.