City PM’s journalism is supported by our readers. .

UK pensions: Over one million Londoners have lost pension pots

By:

Add as a preferred source on Google

Keeping track of our pension funds as we flit from job to job is a challenging task, and a fresh survey has found that 1.3m Londoners are missing out on pension pots.

We know, pensions aren’t exactly the most exciting thing, and you’re a busy person. But that negligence could be costing you dearly – along with over one million other Londoners.

In total, over one in five, or some 21 per cent, have lost track of pension pots, according to the survey done by accountancy firm Perrys, meaning they’re missing out on funds that might get lost in job changes.

Worse still, some 12 per cent of us don’t even know how to find the paperwork necessary to recover missing pensions.

But fear not: all hope isn’t quite lost, as Stewart Pope, chief executive of Perrys Chartered Accountants, said:

Tracing a lost pension certainly isn’t a lost cause. There are a number of things an individual can do in order to find out if they have a pension.

Pope recommends turning to the government’s online pension tracing facility.

The average pension pot is currently worth around £43,000 at retirement.