Keeping track of your pensions can become challenging, particularly if you have had multiple job changes.
Recent research from the Pensions Policy Institute (PPI) in 2024 reveals that there is an estimated £31.1 billion in unclaimed or lost pension funds.
However, finding your lost retirement savings is not an insurmountable task. One individual, John Ferguson, aged 32, residing in Edinburgh and employed in the security sector, discovered £10,000 in missing pension funds and is now advocating for others to locate their pensions.
Using the Penny app, Ferguson uncovered seven pension pots, including two previously unknown ones, and anticipates discovering more in the future. Reflecting on his experience, he praised the simplicity of the Penny app, stating that minimal information input was required to receive assistance.
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Recounting his findings, Ferguson shared, “One of them… I completely forgot I worked for them when I was possibly 18. When I was on the Penny app, you put in past employers so I just clicked it and when I got a notification to say they’d found a pension, I was really surprised.
“If I never used the Penny app, I potentially never would have found that pension. The other one was a pension, to this moment, I still don’t know where it came from.
“I didn’t even put this pension provider or employer in, but I got a notification saying we think you have a pension with this provider.”
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