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More than three million pension pots are thought to have been lost across the UK, containing an estimated £18.7 billion, according to new research from the Pensions Policy Institute.
If you’ve changed jobs or moved house over the years, you could have lost track of a pension worth thousands of pounds. Finding it could help you build a clearer picture of your retirement savings and the income you may have to live on.
Here, we explain which age group has the most money tied up in lost pensions and how to track down any old retirement savings you might have.
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Which age group has the most money in lost pensions?
The average lost pension pot is worth £6,220, according to the Pensions Policy Institute. However, the amount varies considerably by age.
People aged between 55 and 74 have the largest lost pots on average, worth £10,710. By contrast, those aged 75 and over have an average of £3,340 in lost pension savings.
Yet the vast majority of lost pots belong to people under 55. This age group accounts for 81.88% of all lost pots – around 2.5 million in total – representing £12.9 billion in lost pension assets.
Women also have less money in lost pensions on average than men, with average pots of £5,370 and £6,830 respectively, a difference of more than 20%.
| Age Group | Average Lost Pension Size (2026) |
|---|---|
| Under 55 | £5,250 |
| 55 – 74 | £10,710 |
| 75+ | £3,340 |
| All | £6,220 |
Source: Pensions Policy Institute
Tom Selby, AJ Bell public policy director, said: “Particularly striking is the fact that the vast majority of lost pensions are held by people under 55. Retirement may still feel like it is a long way off in your mid-50s, but keeping track of your pensions is one of the most important steps you can take to stay in control of your long-term finances – and the sooner you can get in control, the better.
“While the average pot value may not sound life-changing on its own, £6,000 can make a significant difference to someone’s retirement income. That figure rises to £10,000 among those aged over 55 – people who will likely be thinking about retirement in the not-too-distant future – and that is just an average, meaning many will hold much larger forgotten sums.”
How to find lost pensions
If you know which provider manages your old pension, contact it directly to find out whether it still holds an account in your name.
If you can’t remember the provider of a workplace pension, contact your former employer and ask for the scheme’s details. Information such as when you worked there and your National Insurance (NI) number may help identify the scheme and its administrator.
Mr Selby said: “Automatic enrolment has been one of the great public policy successes of recent decades, ensuring millions of employees are building at least some level of pension savings for retirement. But as people move jobs throughout their working lives, they often leave old workplace pensions behind, and over time it’s easy to lose track of them.”
Bear in mind that if you left a workplace pension within two years of joining, you may have received a refund of your contributions. If so, you might not have any savings from that scheme.
Tracing a lost private pension
If you’ve paid into a personal pension but can’t remember which provider holds it, look for old paperwork, emails or annual statements that might identify the company. If you draw a blank, the government’s Pension Tracing Service might be able to help. It can help you track down contact details for a workplace or personal pension scheme if you know the name of a former employer or pension provider.
You can search online or call the service on 0800 731 0193. The service won’t confirm whether you have a pension or tell you how much it’s worth, but it can help you find the organisation to contact for more information.
Learn more in our article Tracing lost pensions – How to find my old pensions
Tackling the lost pensions challenge
Although there are steps you can take to find lost pensions yourself, tracking down every missing pot can be difficult, particularly if you don’t even realise you’ve lost touch with a scheme. Pension dashboards could help by allowing savers to view information about their pensions in one place.
Emma Furlonger, Managing Director for Workplace Pensions at Standard Life, said: “It’s deeply concerning that so much money put aside for retirement can become disconnected from the people it belongs to. With around 2.5 million lost pots belonging to people under 55, this is clearly a challenge that extends well beyond those approaching retirement, and the answer can’t simply be to expect everyone to become an expert at tracking down pensions accumulated over decades of working life.
“Encouragingly, however, we could be approaching an important turning point, with the foundations for a more joined-up pensions system finally taking shape. Pensions dashboards have the potential to transform how people view and engage with their retirement savings, making it easier to reconnect with pensions and build a clearer picture of their financial future. Dashboards have been some time in the making but the industry is edging closer towards a launch and it will be a big milestone when they go live.”
Pension dashboards are expected to become available to the public during the 2027/28 tax year, so between April 2027 and March 2028.
You can find out more about pension dashboards in our guide What is the pensions dashboard and how will it benefit me?
Should you consolidate your pensions?
If you have several pension pots, combining them into one plan could make your savings easier to manage. However, consolidation isn’t right for everyone, and you could lose valuable benefits or guarantees by transferring an older pension. You can find out more in our guide Could consolidating your pensions save you money?
Mr Selby said: “Savers should take the time to shop around for the right provider, taking into account factors such as charges, choice, flexibility and service. Some older-style pensions can have valuable guarantees attached that will be lost on transfer, so checking whether this is the case is also crucial.
“For those who aren’t sure, it may be worth speaking to a financial adviser or reading up free resources like those on Money Helper. Whether you ultimately decide to combine pensions or not, the first step is to get a handle on what you’ve got and where it is invested.”
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If you’re considering seeking professional financial advice on the options available to you, we’ve partnered with nationwide Chartered independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial adviser. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 2,600 reviews on VouchedFor, the review site for financial advisers.
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