A recent survey reveals that a significant portion of adults in the United Kingdom are unaware of the whereabouts of their pension savings. According to a poll conducted for the pension tracing app Mylo by Aegon, only 40% of respondents reported knowing the locations of all their pension pots. Another 20% said they knew where some of their retirement funds were held, while 16% had no knowledge of where any of their pensions resided. Nearly one-quarter of those surveyed said they did not have a pension at all.

Nick Roy, commercial director at Mylo, highlighted the growing challenge of tracking pension savings amid frequent job changes and the accumulation of multiple pension accounts. He emphasized that understanding one’s existing retirement savings is vital before assessing whether current contributions are sufficient.

The Pensions Policy Institute estimates that about £31.1 billion remains in lost or unclaimed pension pots in the UK. To assist individuals in locating forgotten retirement funds, the government offers a free Pension Tracing Service. By providing details of previous employers, users can obtain contact information for their pension providers.

For cases where individuals cannot recall the names of past employers or pension schemes, several apps such as Mylo, Gretel, and Penny are available to help trace lost pension pots. Additionally, a new government initiative is underway with the forthcoming launch of a pensions dashboard expected between 2027 and 2028. This platform will consolidate information from all pension providers legally required to participate, offering users a comprehensive view of their retirement savings in one place.

The dashboard aims to simplify pension management and reduce the problem of unclaimed funds, thereby helping millions of people better understand and manage their retirement finances.