Scottish Widows has introduced a new tool to assist individuals in locating misplaced pension funds. There are approximately 3.3 million lost pension pots in the UK, with a collective value of £31.1 billion. Common reasons for pension pots becoming lost include frequent job changes and failure to update personal information when relocating.
In collaboration with fintech partner The Pension Lab, Scottish Widows has launched a service accessible through its app. Users can input their National Insurance number and other relevant data, such as past employers and years of pension activity, to initiate the search for lost pension pots.
Upon logging in, customers are required to electronically authorize The Pension Lab to contact providers on their behalf. Subsequently, customers can opt to leave the located pension pots as they are or choose to consolidate them.
Before making significant decisions regarding pension pots, it is advisable to seek free pension advice. MoneyHelper offers complimentary guidance on retirement savings options. Chira Barua, CEO of Scottish Widows, emphasized the importance of reuniting individuals with their scattered pension savings to enhance retirement outcomes.
The app’s user base reaching one million signifies a demand for convenient digital money management tools. Scottish Widows continues to invest in digital and AI solutions to streamline pension management. The combination of innovation and practical support aims to translate intentions into meaningful financial actions.
Additionally, the government provides a free tool, the Pension Tracing Service, to aid in locating lost pensions by providing previous employment details. However, this service does not disclose investment amounts, requiring direct contact with pension administrators for such information.
Furthermore, a new pensions dashboard tool will launch this year, allowing individuals to view all pension information in one place. All schemes must be linked to the dashboard by October 31, 2026.
