Punter Southall Aspire is launching the UK’s first ‘National Pension Tracing Day’ (NTPD) on Sunday 31st October. It’s the Sunday that the clocks go back, so the purpose of NPTD is to encourage the public to use the extra hour to trace lost or forgotten pensions.
Together with Scottish Widows, Aegon, Legal & General and Standard Life, we’re calling on the pension industry and trustees to support the initiative by helping people take action.
There’s an estimated 1.6 million pots worth £19.4 billion - the equivalent of nearly £13,000 each - which has been lost or forgotten. So it’s a campaign that could make a difference to retirement outcomes.
A big factor is people changing jobs – on average 11 times - and moving house, typically eight times, but forgetting to tell their pension company.
It’s set to get worse. The Department for Work and Pensions believes that, by 2050, there may be as many as 50 million lost pensions.
To help trustees, we have created a range of NPTD resources, which you can use to help your members join our ‘Great Pension Treasure Hunt!’