To help UK savers keep track and take control of their pensions, Punter Southall Aspire is launching the UK’s first ‘National Pension Tracing Day’ on October 31 and urging Britons: when the clocks go back, use the extra hour to trace lost pensions.
Together with Scottish Widows, Aegon, Legal and General and Standard Life, Punter Southall Aspire have called on the pensions industry to support the initiative and help people take action over an estimated 1.6 million pension pots worth £19.4 billion – the equivalent of nearly £13,000 each – which have been lost or forgotten.
A big reason for people losing track of their pensions is changing jobs. It is not common in this day and age for one to stay in the same job for their entire working life, in fact, the average person will have 11 different jobs in their life.
By forgetting to tell their pension company about a change of employment, it is possible to lose track of one’s retirement savings. It may be set to get worse, as The Department for Work and Pensions believes that, by 2050, there may be as many as 50 million lost pensions.