New figures from the Pensions Policy Institute (PPI) suggest that an estimated £26.6 billion is sitting in unclaimed, dormant, or lost pension plans by some 2.8 million people across the UK. However, as part of Pension Awareness Week, Hargreaves Lansdown has shared how people can track down pension pots to boost their retirement income.
Pension Awareness Week runs from October 31 to November 4 and is delivered by Pension Geeks, MoneyHelper and the pensions industry in partnership with the Department for Work and Pensions (DWP). The aim of the dedicated week is to help people make sense of their pension savings and other money matters.
The new PPI data shows that since 2018, the value of lost pension pots in the UK has risen from £19.4bn by 37.7 per cent to £26.6bn - the equivalent of around £7bn. Worryingly, the total value of lost pots is now equivalent to a quarter of the annual cost of the State Pension.
