Tracking down missing millions in lost pensions and savings

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Retirement savers have lost track of millions of pounds of pensions and investments which could add to their income when they give up work.

National savings (NS&I) reckon 16% of the UK population, or 7.66 million adults, believe they have money in an account somewhere, but don’t know where or how to trace it.

More than one in four (28%) have lost their account details, while 27% have can’t remember all the accounts they have opened.

Many put their forgetfulness down to relationship break ups and moving around for work.

The NS&I’s John Prout said: “Even small amounts of money can help with the costs of day-to-day living, so it’s important people keep track of their savings no matter how much they’ve previously put away.”

The study revealed 60% of adults try and find lost pension accounts – and nearly three-quarters have linked up with money in forgotten accounts.

Lost pensions often hold the largest amounts of money and can be tracked down through the Pension Tracing Service.

The scheme has a database of more than 200,000 company and personal pension schemes and who currently safeguards any money they hold. They can often provide contact details and information about any account balance.

The service is free. www2.dwp.gov.uk/tps-directgov/en/contact-tps/pension-tracing-form.asp or call on 0845 6002 537 (lines are open 8.00 am to 6.00 pm) or +44 191 215 4491 from overseas

You can write to the Pension Tracing Service at The Pension Service, Tyneview Park, Whitley Road, Newcastle Upon Tyne NE98 1BA

To find overlooked or abandoned bank, building society or National Savings accounts, try the My Lost Account website www.mylostaccount.org.uk

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