24 October 2024
The issue of small and lost pensions pots is one that has had a lot of attention in recent years, but you may not be aware of the extent of the issue.
The Pensions Policy Institute (PPI) has conducted research into lost pensions in 2024 and the associated briefing note is now available.
The PPI now estimate that there are 3.3 million lost pension pots that contain 31.1 billion pounds worth of assets. The average lost pot across all age groups is £9,470.
With the Pension Dashboards Program (PDP) and small pots consolidation work ongoing, there are eyes on this issue and attempts to resolve it underway. The consolidation work would seek to merge posts of less than £1,000, which, pointed out by the PPI report, would be the lowest priority post from a lost pot perspective, but high priority from a small pot viewpoint.
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