Scottish Widows has introduced a new tool to assist individuals in locating misplaced pension pots. In the UK, it is estimated that there are 3.3 million unclaimed pension pots, amounting to a total of £31.1 billion. Common reasons for pension pots getting lost or forgotten include frequent job changes and failure to update personal information after moving.

Collaborating with fintech partner The Pension Lab, Scottish Widows has unveiled a new service accessible through its app. Users can input their National Insurance number and relevant details like previous employers and active years of the pension. Subsequently, customers must electronically authorize The Pension Lab to communicate with providers on their behalf.

Once the system identifies the pension pots, customers have the choice to retain them or opt for consolidation. It is advisable to seek free pension advice before making significant decisions regarding pension pots. MoneyHelper offers free guidance on retirement savings options.

Chira Barua, CEO at Scottish Widows, emphasized the importance of reconnecting individuals with their scattered pensions to enhance retirement prospects. The company aims to simplify pension tracing through accessible means, enabling individuals to comprehend their financial future and take charge of it. The growing demand for user-friendly digital money management tools reflects customers’ interest in effectively managing their finances.

The Pension Tracing Service, a free Government tool, aids in tracking lost pensions by providing contact details of the providers upon submission of previous employment information. However, details regarding invested amounts are not disclosed, necessitating direct contact with the pension administrator for fund verification.

Additionally, a new pensions dashboard tool is set to launch this year, facilitating the consolidation of all pension information into a single platform. By October 31, 2026, all schemes must be integrated into the dashboard for comprehensive accessibility.