Sunday 26 October 2025 marks National Pension Tracing Day. The annual event encourages people to track down forgotten pension pots.

If you fear you may have lost track of pension savings, now’s the time to reconnect with money you’ve worked hard to earn.

During a busy career, it’s surprisingly easy to lose or forget about pensions you’ve previously contributed to. You might have:

• Changed jobs and forgotten to move your old workplace pension.
• Set up a personal plan years ago and never checked it again.
• Moved house without updating your pension provider.

In fact, the Pensions Policy Institute estimates there are around 3.3 million lost pensions worth a staggering £31.1 billion – with people aged 55 to 75 likely missing an average of £13,620 each [1].
 
The good news is it may be easier to find them than you might think.

How to track down your lost pension pots

Start with the government’s Pension Tracing Service – which is free to use.
 
Simply enter the name of your old employer or pension provider, and the tool will share up-to-date contact details. From there, you can go direct to the provider and ask them to confirm any accounts in your name and request a statement.

With all the information in hand, you’ll have a better idea of how much you have in all your pension pots.
 
Next, to avoid misplacing your pensions again, it may be worth combining them into one plan.

3 compelling reasons to consider consolidating your pension savings

1. Simplify your finances

Consolidating all your pension savings into one pot means you only have to deal with a single provider. Keeping track of one annual statement and a single login could make it much easier to see how your retirement savings are progressing.

Consolidating into a modern plan could also make it easier to manage your income in retirement. Plus, doing so might give you more flexible options to play with.

2. Reduce the cost of fees

Every pension has its own management and administration charges.
 
Over time, these costs can really add up. Consolidating may help to reduce the total fees you’re paying.
 
Over the long term, even seemingly small savings could make a big difference to your final pot by the time you’re ready to draw on your pension savings.

3. Improve performance 

Some older pensions may not have kept pace with your changing needs or investment goals. Reviewing and combining your pensions gives you the chance to check that your money is invested appropriately.

This is particularly important as your retirement date draws closer, when you may want to adjust your underlying funds to reduce the level of risk.

Consolidation isn’t right for everyone

Before taking the plunge and transferring all your pension savings to a single pot, there are a few potential downsides to consider.

• Transfer fees – Some providers may charge to move your money, particularly with older schemes. These fees are less common now but still worth checking.
• Loss of valuable benefits – Certain pensions, especially defined benefit (DB) or final salary schemes, include guarantees such as a fixed income for life or enhanced tax-free cash. Once you transfer out, these benefits are lost permanently.
• Tax considerations – Combining multiple pots into one larger fund might push you into a higher tax bracket if you take a large lump sum at retirement. Planning your withdrawals carefully can help to avoid unnecessary tax.

Get in touch

If you’re unsure whether consolidation is right for you, please get in touch. We’ll help you weigh up the pros and cons and make informed choices for your retirement.

Email info.wp@titanwh.com or call us on 0800 048 0150.

Please note
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.

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