Keeping track of your pensions can become challenging, particularly if you have had multiple job changes over the years.
Recent research from the Pensions Policy Institute (PPI) in 2024 reveals that around £31.1 billion is currently unclaimed or lost in pension funds.
Despite the daunting numbers, it is feasible to locate your misplaced retirement funds. One individual is advocating for others to take action after he managed to uncover £10,000 in missing pension pots.
John Ferguson, a 32-year-old security professional residing in Edinburgh, successfully identified seven pension pots, including two previously unknown ones, using the Penny app.
Ferguson suspects there may still be two or three additional pensions awaiting discovery. He shared with the Mirror: “Penny’s process was straightforward. Minimal information is required for them to assist you in tracking down your pensions.”
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Reflecting on his experience, Ferguson expressed, “One of the pensions completely slipped my mind from when I was around 18. When I input my past employers into the Penny app, I was pleasantly surprised by a notification revealing a forgotten pension.”
He continued, “Without using the Penny app, I might have never rediscovered that pension. The other pension remains a mystery to me even now.”
Penny aids in locating your pension funds by utilizing your National Insurance number and any relevant details about your former employment or pension provider.
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