Millions of households told they can boost pensions by almost £10,000

HOUSEHOLDS HAVE BEEN TOLD HOW THEY COULD ADD MORE THAN £9,000 TO THEIR PENSIONS BY CARRYING OUT ONE CHECK 16:05, 02 Jun 2025 Millions of households may be able to boost their retirement

savings by as much as £9,470 on average by tracking down a lost pension. A study undertaken by the Pensions Policy Institute (PPI) shows savers across the UK are in danger of missing out on

large sums of money and are being encouraged to act, reports Express.co.uk. As many as 3.3 million pensions are considered "lost" at present. READ MORE: DWP ISSUING £400 PAYMENTS

EARLIER THAN EXPECTED IN MAY GET BREAKING NEWS ON BIRMINGHAMLIVE WHATSAPP, CLICK THE LINK TO JOIN Chris Blackwood, spokesperson for the Pension Attention campaign, said: "If you can do

one thing today, use the pension tracing tools to find any lost pension pots. Article continues below "It only takes a few clicks, and you could substantially add to your pot,"

Chris added. The data found the value of lost pension pots in the UK had risen by 60 per cent, or nearly £12 billion, since 2018. The combination of people switching jobs more often and

auto-enrolment becoming more commonplace is likely to be responsible for the rising number of unclaimed pension pots. These lost pensions are now worth an average of £9,470, increasing to

£13,620 among the 55 to 75-year-old cohort. To source lost pensions, people can use tracing services, such as Pension Attention or Gretel, within minutes. The Government also offers a free

online Pension Tracing Service. You’ll need either the name of the employer or the pension provider. The helpline will then be able to provide contact details so you can get in touch. Helen

Morrissey, head of retirement analysis at Hargreaves Lansdown, highlighted the urgency of tracking down a lost pot sooner rather than later, as the money could have a “major impact” on your

retirement planning. She noted that even the smallest pensions can grow over time, and that the pension you paid into a decade or more ago could well have grown a “decent amount.” For

example, a £10,000 pension pot would be worth more than £16,400 after 10 years if it grew at 5% per year. Article continues below Ms Morrissey said: “This could play an important role in

your retirement income. With 21% of people admitting to having lost track of a pension and a further 18 per cent being unsure if they have, it’s a major issue. The good news is that you can

do something about it.”