31 October set to be National Pension Tracing Day
13 September 2021
The UK’s first National Pension Tracing Day will be launched on 31 October 2021.
This is the date on which the clocks go back, and people are being urged to use this additional hour to trace their lost pensions.
Scottish Widows, Aegon, Legal & General and Standard Life are backing Punter Southall Aspire in asking the pensions industry for its support in helping people to act over pension pots that have either been lost or forgotten. It is thought that figures amount to approximately £19.4 billion across 1.6 million pension pots.
Pensions Expert reports that job changes and house moves can be two huge factors contributing to the lost pensions problem. It has been established that, on average, people switch jobs 11 times and move jobs eight times and forget to notify their pension providers.
The Department for Work and Pensions (DWP) has stated that this could result in as many as 50 million lost pensions by 2050.
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