Millions of pounds in pension savings are sitting in forgotten pension pots across the UK. Pension Tracing Day is the perfect opportunity to track down old pensions, understand what you have and take a more organised approach to planning for retirement.

Have you ever changed jobs, moved house or received a pension statement that you put aside and forgot about? You are not alone.

As people move through their careers, it is increasingly common to accumulate several pensions with different providers. Keeping track of them all can be difficult, particularly if you have not reviewed your retirement savings for several years.

The good news is that there are ways to find old pensions, including free tracing services. A little time spent getting organised today could help you build a clearer picture of your financial future.

How many lost pensions are there in the UK?

The scale of the problem is significant. Research published by the Pensions Policy Institute (PPI) in October 2026 estimates that the UK has around 3 million lost pension pots containing approximately £18.7 billion in pension assets. This equates to an average of roughly £6,200 per lost pot.

The 2026 research uses a revised methodology and broader provider coverage than previous surveys, so its figures should not be directly compared with earlier estimates.

A pension is generally considered lost when the provider can no longer contact the person who owns it. This does not mean the money has disappeared or that the pension has been forfeited. It means the provider has lost touch with the pension holder.

However, if you do not know where your pension is held, you may miss important information about its value, investment performance, charges and the benefits you could receive in retirement.

For many people, finding an old pension is a valuable first step towards improving their financial wellbeing.

Why do people lose track of their pensions?

There are several reasons why pension savings can be forgotten over time.

Changing jobs: Each new employer may enrol you into a different workplace pension scheme. If you have worked for several organisations, you could have accumulated multiple pension pots over your career.

Moving house: If you move and forget to update your address with an old pension provider, important correspondence and annual statements may never reach you.

Company name changes or takeovers: Your former employer or pension provider may have merged, changed its name or transferred its pension arrangements to another organisation.

Small pension pots: A pension from a short period of employment might not seem particularly significant at the time. Years later, however, it may have grown and could make a useful contribution to your retirement income.

Losing paperwork: Old pension statements can be misplaced, emails deleted and online account details forgotten. If you no longer remember the provider’s name, finding the pension can feel difficult.

Not knowing what you have: Many people understand that they have a pension but have little idea how many schemes they belong to, what they are worth or what benefits they provide.

Whatever the reason, losing track of a pension is common and it is worth taking the time to investigate.

What is a pension?

A pension is a way of saving towards retirement, often with valuable contributions from your employer and tax relief from the government. The aim is to build an income or savings pot that can support you when you stop working.

There are several types of pension in the UK, and understanding the differences can help you identify what you may have accumulated throughout your working life.

Defined contribution (DC) pensions

A defined contribution pension builds up a pot of money through contributions from you, your employer and, where applicable, tax relief. The money is generally invested, so its value can rise or fall.

The eventual retirement income depends on factors including how much has been contributed, investment performance, charges and how you choose to access the money.

Many modern workplace pensions and personal pensions operate on this basis.

Defined benefit (DB) pensions

A defined benefit pension, sometimes called a final salary or career-average pension, provides retirement benefits based on a scheme’s rules, often linked to your salary and length of service.

Unlike a typical defined contribution pension, the benefit is not simply the value of an individual investment pot. These pensions can provide a valuable, often inflation-linked income in retirement, depending on the scheme’s terms.

Workplace and private company pensions

A workplace pension is arranged through an employer. It may be a defined contribution or defined benefit scheme, depending on the employer and arrangement.

A private company pension is not a separate technical category: it commonly refers to a pension provided by a private-sector employer. It could operate on either a defined contribution or defined benefit basis.

Teachers’ Pension Scheme (TPS)

The Teachers’ Pension Scheme provides pension benefits to eligible teachers and other qualifying education professionals. It is generally a defined benefit scheme, with benefits calculated according to the scheme’s rules.

If you have worked in education, it is important to check whether you have benefits from previous teaching roles.

Local Government Pension Scheme (LGPS)

The Local Government Pension Scheme provides defined benefit pensions to eligible local government employees and other qualifying workers. It covers a range of employers, including councils and certain other public-sector organisations.

If you have moved between local authorities or other participating employers, you may have benefits associated with different periods of membership.

Other pensions you might have

You may also have a personal pension or self-invested personal pension (SIPP), which you arranged yourself rather than through an employer.

Your State Pension is different again. It is based primarily on your National Insurance record, rather than a private pension pot. You can check your State Pension forecast through GOV.UK.

How to trace a lost pension for free

There are several practical steps you can take yourself to trace a lost or forgotten pension.

1. Make a list of your previous employers

Start by writing down every organisation you have worked for, including employers you left many years ago and jobs you held for a relatively short period.

Check old payslips, employment contracts, pension statements and emails for references to pension providers or scheme names.

You could also contact former employers’ HR departments to ask which pension scheme they used during your employment.

2. Use the government’s free Pension Tracing Service

The government’s Pension Tracing Service helps you find contact details for workplace and personal pension schemes.

You will need the name of a former employer or pension provider to search. The service does not confirm whether you personally have a pension with that scheme or tell you its value; you will need to contact the provider directly.

This is a useful starting point if you know where you worked but cannot remember which pension scheme you joined.

3. Check with old pension providers

If you have found an old statement or remember the provider’s name, contact the organisation directly.

You may be asked to provide information such as your National Insurance number, previous addresses, former names and the dates you worked for an employer.

Once the provider has identified your pension, ask for an up-to-date statement and check that your contact details are correct.

You can also use our How to find old pensions in the UK blog for further guidance.

Consider Pension Pie

If you are struggling to trace a pension yourself, Pension Pie offers a specialist pension tracing service designed to help people locate missing pension savings.

Unlike the government’s service, which provides scheme contact details, a specialist tracing service can help with the process of identifying pensions using the information you supply.

The average pension they locate is worth £16,683. They find every pot paid into, up to 5 pensions, across every job. It costs £250 but they offer a full refund if nothing found.

You have found your pensions. What should you do next?

Finding an old pension is a great start, but the next step is to understand how all your pension arrangements fit together.

If you have several pensions, it is worth building a complete picture of your retirement savings.

Create a pension inventory. Record each provider, scheme name, approximate value, pension type, charges and the contact details you need. Note any benefits or guarantees that apply.

Check your pension statements. Make sure your personal information is correct and review the latest information about your savings or expected retirement benefits.

Understand the charges. Different pensions may have different administration and investment charges. Understanding these costs can help you make informed decisions.

Review your retirement goals. Think about when you would like to retire and the income you might need. Your pension savings should be considered alongside your State Pension and any other sources of retirement income.

Keep your records up to date. Tell providers when you move house or change your contact details. Keep a secure record of your pension providers and account information so that you can find it when you need it.

Review your pensions regularly. An annual review can help you keep track of changes in value, investment choices and your progress towards retirement.

Should you combine your pensions into one?

Having several pension pots can make retirement planning feel complicated, so you might be tempted to transfer them all into one pension.

Consolidation can make your savings easier to monitor and may reduce charges in some circumstances. However, combining pensions is not automatically the best option.

Before transferring a pension, check whether you would lose valuable benefits, such as a guaranteed annuity rate, protected tax-free cash entitlement or other scheme-specific guarantees. Defined benefit pensions require particular care because transferring could mean giving up a guaranteed retirement income.

You should also consider investment options, exit fees, ongoing charges and the benefits available under your current schemes.

For some people, keeping pensions separate is the better choice. The important thing is to understand what you have and make an informed decision based on your circumstances.

If you are considering transferring a defined benefit pension with a cash equivalent transfer value above £30,000, regulated financial advice is generally required before the transfer can proceed, subject to the applicable rules.

Make Pension Tracing Day the start of better financial wellbeing

Pension Tracing Day is a timely reminder to take stock of your retirement savings. You do not need to make complicated financial decisions or spend hours researching investments to get started.

Simply listing your previous employers, checking old paperwork and using the available tracing services can help you uncover pensions you may have forgotten about.

For employers, encouraging staff to engage with their pensions is also an important part of supporting their long-term financial wellbeing. Helping employees understand their workplace benefits and take an active interest in retirement planning can give them greater confidence about their financial future.

At Planned Future, we help organisations improve employee financial wellbeing through practical workshops, webinars, financial education and access to guidance that helps employees make informed decisions about their money.

This article is for general information and educational purposes only. It does not constitute financial advice. Pension rules, scheme terms and tracing-service eligibility can change. Consider taking regulated financial advice before making decisions about pension transfers or other significant changes to your retirement savings.