Cost.co.uk Responds to new Study Detailing the Amount of Pensions Lost or Forgotten

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Pensions have been lost due to people regularly changing jobs and leaving pensions behind.

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Pensions are struggling in the UK for those that are retired so it is alarming to hear that so many are going to waste

According to the BBC, people changing jobs are losing track of their workplace pension pots, making retirement plans even harder. The findings made by Age UK, nearly a quarter of those asked in the survey were unaware of the location and amount of at least one scheme. Furthermore a quarter of under -35 year olds have already worked with five employers meaning that pensions were even easier to lose track of. Some £3 billion is said to be left unclaimed.

The survey asked 2,300 people the whereabouts and conditions of their pensions and found one in five of those said that their pension details were missing blamed lost paperwork.

Lucy Harmer, head of services at Age UK said, ‘It’s really important to set aside time to keep on top of our personal admin. This is especially crucial for pensions, as it may be some years down the line until they need to be accessed.’

The news regarding a loss of pensions is worrying for Cost.co.uk, the UK’s favourite comparison site. Offering advice, tips and guides on a range of topics including finance, insurance, travel and utilities, the website also gives consumers the ability to compare different pension plans in order to get the best plans and deals.

A spokesperson from Cost.co.uk added, ‘Pensions are struggling in the UK for those that are retired so it is alarming to hear that so many are going to waste. Hopefully such high figures should be a wake- up call for those who have lost track of their pensions and spur them on to find them.’

Cost.co.uk continues to follow consumer based finance news.

Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customer’s access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
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