Martin Lewis has revealed that millions of Britons are missing out on a staggering £65 billion in forgotten pensions, with the average lost pot worth £19,600. In his latest newsletter, the Money Saving Expert (MSE) founder described the sum as 'jaw-dropping' and encouraged people to undertake the 'seriously profitable' task of locating their funds.
One couple who followed his advice discovered a lost workplace pension worth over £60,000, while another MSE follower found £137,000. A recent timed experiment showed it takes just seven minutes of admin to start the process.
Lewis explained that pensions often go missing when people forget to update contact details or when companies merge, change names, or go bust. Over time, these funds can become dormant and may eventually be given to charity, but they can usually still be reclaimed.
How to track down a lost pension
According to the Pensions Policy Institute, there were an estimated 3.3 million lost pensions in the UK at the end of 2024. To find yours, start by listing all your former employers. If you have no paperwork, contact HR departments for guidance.
If that fails, use the free Pension Tracing Service, which holds details for over 200,000 pension schemes. You can access it via the government website or call 0800 731 0175. Alternatively, MSE recommends Gretel, a fintech firm that runs a soft credit search to find previous addresses and associated missing pensions. Initial results appear within minutes, and the platform searches every 14 days for new matches.
'Once you have details, contact the pension provider (you'll usually need to provide ID),' Lewis added.
Should you combine your pensions?
Charlene Young, senior pensions and savings expert at AJ Bell, outlined three reasons to combine pensions: lower charges, easier tracking, and avoiding one-size-fits-all investments. Older pensions may have high annual fees, while consolidating helps estimate retirement income. Additionally, lost pensions might be in default funds that don't match your goals.
With nearly £20,000 potentially waiting, it might be worth spending seven minutes to check.
