Number of people hunting lost pension pots triples

Number of people hunting lost pension pots triples

The number of people hunting down lost pensions has tripled over the past decade, according to figures released under the Freedom of Information Act.

The figures show the number of enquiries received by the Pension Tracing Service has increased by almost 250 per cent since 2005.

The number of requests has risen from 25,544 in 2005 to 88,757 in 2014, according to the figures released by the department for work and pensions after provider LV= submitted the FOI request.

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John Perks, managing director of LV= retirement solutions, said: “Although people don’t lose the right to claim their pension if they move jobs, it is worth considering whether it makes sense for them to put all their funds into one place.

“This removes the chance of someone forgetting or losing track of a pension pot they have saved into and may reduce the charges they pay on their savings.”

According to LV= research, one in five workers has already saved into three or more workplace pensions since entering employment,

Adviser view

Gary Dunn, a Lancashire-based adviser with True Potential Wealth Management, said: “Perhaps people should have their own personal pension pot and every time they leave a job they should transfer into it so they know where everything is.”