Scottish Widows introduces a new tool aimed at assisting individuals in locating misplaced pension funds. In the UK, an estimated 3.3 million pension pots are unaccounted for, totaling £31.1 billion. Common reasons for losing track of pension pots include frequent job changes and failure to update personal information after changing addresses.
Teaming up with fintech partner The Pension Lab, Scottish Widows has launched a new service accessible through its app. Users can input their National Insurance number and relevant details such as past employers, pension providers, and active years to initiate the search process.
After providing a digital authorization, The Pension Lab can contact providers on behalf of the user to locate the pension pots. Subsequently, individuals have the option to keep their pensions where they are or consolidate them.
It is advised to seek free pension advice before making significant decisions regarding pension funds. MoneyHelper offers free guidance on retirement savings options for those seeking assistance.
Chira Barua, CEO at Scottish Widows, emphasized the importance of consolidating scattered pensions to improve retirement planning. The company aims to simplify pension tracing and promote financial understanding and control through digital tools and innovation.
Additionally, individuals can utilize the Pension Tracing Service, a free Government tool, to track down lost pensions by providing previous employment details. A new pensions dashboard tool is set to launch this year, enabling users to access all pension information in one place by October 31, 2026.