UK sitting on £20bn of unclaimed pension pots
Some 1.6 million lost pension pots worth nearly £20bn remain unclaimed, with people often losing track of their savings due to job changes or moving house, the Association of British Insurers (ABI) says, reffering to the figures as “jaw-dropping”.
Research by the Pensions Policy Institute (PPI) on behalf of the ABI revealed 800,000 lost pensions worth an estimated £9.7bn.
If scaled up to the whole market, it estimates there are collectively around 1.6 million pots worth £19.4bn unclaimed – the equivalent of nearly £13,000 per pot.
The PPI surveyed half of firms in the private defined contribution (DC) pension market, looking at 12 large insurers.
The PPI said the figure could be even higher as it did not look at trust-based schemes or public sector pensions.
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