Uk households adding £13,620 to pension pot 'in just a few clicks'


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Recent research by the Pensions Policy Institute (PPI) has revealed that nearly 3.3 million pension pots are currently lost in the UK, with a total value of over £31.1 billion in assets.


This represents an increase of more than half a million lost pots, worth almost £5 billion more than the previous year. The largest lost pots, averaging £13,620 in value, belong to


individuals nearing or already in retirement. These individuals face unique and pressing challenges in ensuring they have sufficient pension savings, making it crucial for as many savers in


this group as possible to be reunited with their lost funds. The research also examines how various developments in the pensions landscape, such as the Pension Attention campaign, pensions


dashboards, automatic enrolment reform, and default consolidators, may impact small pension pots. With several potential changes on the horizon that could affect the issue of lost pensions,


having an up-to-date understanding of the current situation is particularly important, reports Birmingham Live. John Upton, Policy Analyst, commented: "In support of National Pension


Tracing Day, the industry is encouraging savers to ensure they have control of their pension pots. The PPI has conducted new fieldwork to understand the scale and progression of this


problem. "The research shows there are now an estimated 3.3 million lost pots containing £31.1 billion worth of assets in pension pots for which the provider has lost contact with the


owner, which has climbed from the 2.8 million pots worth £26.6 billion in 2022. The average size of a lost pot is now £9,470, and savers would not want to miss out on this money that they


could use to improve their retirement." Chris Blackwood, spokesperson for the Pension Attention campaign, remarked: "If you can do one thing today, use the pension tracing tools to


find any lost pension pots. It only takes a few clicks, and you could substantially add to your pot." Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, emphasised


the importance of locating a lost pot promptly, as it could have a "major impact" on your retirement planning. _GET ALL THE LATEST MONEY NEWS SENT STRAIGHT TO YOUR INBOX BY


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