'I'm £7,000 better off after making this check - others could have cash out there too'

According to an investigation published by the foundation the Pensions Policy Institute (PPI) successful November 2024, astir 3.3million pension pots - worthy a corporate £31billion - are considered "lost" successful the UK

One antheral has shared however helium has managed to boost his finances by £7,000 aft discovering 3 mislaid savings pots.

According to an investigation published by the foundation the Pensions Policy Institute (PPI) successful November 2024, astir 3.3million pension pots - worthy a corporate £31billion - are considered "lost" successful the UK. Graham, from the Shetland Isles successful Scotland, was 1 of those millions not excessively agelong ago.

The 46-year-old told the Mirror that helium was alert of his pension pots, though helium knew that immoderate were missing arsenic helium had a fig of antithetic jobs passim his life. He said: "I near schoolhouse astatine 16, due to the fact that I conscionable wanted to marque immoderate money. I didn't person immoderate qualifications, and wherever I was living, determination were a batch of manual jobs, truthful I ended up moving successful a salmon factory.

"After this, I moved connected to moving connected gathering sites, and aft being made redundant successful 2010, I got a occupation astatine the section authorization council. So I've had a fewer jobs since I was 16, and I was alert of pensions, but I wasn't alert of however galore I was signing up for. So I would commencement a job, commencement different pension, and permission a job. That's conscionable what happened."

After a idiosyncratic household incident, Graham knew helium needed to get connected apical of his finances and look into his pensions arsenic his savings were a "bit chaotic". After seeing an advert connected societal media past year, the dad-of-three decided to usage the pension-tracing work Penny to bash it, thinking: "I'll springiness this a spell and spot what comes up."

Have you recovered wealth successful mislaid pension pots? Let america know: mirror.money.saving@mirror.co.uk

Penny helps radical find their mislaid savings pots and offers plans and pension concern options that tin beryllium managed done its app. The work charges a 0.75% interest per twelvemonth connected the worth of the pension, which is called the Annual Management Charge (AMC). This interest falls wrong the Workplace Pension complaint headdress of 0.75%. In 2024, Penny tracked down implicit 35,000 mislaid pension plans with an wide worth of £191million.

You tin way down your mislaid pension pots yourself for escaped by contacting ex-employers and digging retired aged paperwork. The Government besides has a escaped Pension Tracing Service tool. This work allows you to participate the sanction of an employer, truthful you tin find the interaction details of the pension supplier they use.

Graham had already travel crossed 1 of his "lost" pension pots a fewer years agone aft being tracked down by the pension supplier Standard Life. This pension pot, successful particular, had £6,000 sat successful it, and due to the fact that of this, helium knew the probability of having others helium wasn't alert of was "quite high".

After a fewer weeks, Penny did negociate to find 2 much mislaid pension pots for Graham which added an other £1,000 to his status savings. He explained: "I got a notification connected my telephone 1 time from the Penny app connected my telephone truthful I conscionable went successful a checked and determination it was, it was a bully feeling, a precise bully feeling."

Graham noted that status was a "long mode off" for him as, nether existent authorities plans, helium volition beryllium capable to assertion his authorities pension astatine property 68. However, helium notes that the other currency volition assistance him supply immoderate information for his kids. He added: "You know, If one person a large pension cookware erstwhile I discontinue than that's good, but if thing does hap to maine and I walk distant beforehand, it volition spot a large assistance for them."

"It's not a immense sum of money, but it's other wealth for me, and this cookware is going to build, and the equilibrium volition summation implicit time, truthful successful 10, 20 years time, it volition beryllium astatine slightest a spot much than it is now. I mean, it could perchance spell towards a location for my kids; it's conscionable truthful hard for them to prevention immoderate wealth close now."

Graham noted that it was important that others retired determination instrumentality into their pensions, considering the monumental magnitude that is presently considered mislaid successful the UK. "There's thing to lose, but there's thing to gain," Graham added. In March past year, the 46-year-old managed to consolidate his pension pots into the 1 helium present controls and manages done the Penny app which works for him.