4.8 million 'lost' UK pension pots, worth over £10bn, primarily due to job/home changes without pension updates.

Research by PensionBee reveals that 4.8 million pension pots, valued over £10 billion, are 'lost' in the UK, primarily due to individuals changing jobs or homes without updating their pension details. To locate these, individuals should review past employment records and utilize the UK Government's Pension Tracing Service. While consolidating pensions can simplify management and reduce fees, it’s essential to consider potential loss of benefits and exit charges. New regulations since November 2021 aim to protect against fraud in pension transfers.

October 22, 2024
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