Some 190,000 Britons were encouraged to uncover an estimated £31billion in “forgotten” pension savings and bolster their retirement earlier this year to mark National Pension Tracing Day in the UK.
National Pension Tracing Day achieved unprecedented levels of public engagement this year, with the October 26 campaign connecting with more than 190,000 individuals through social media channels.
According to fresh analysis from employee benefits consultancy firm Secondsight, this figure represents double the audience reached during the previous year’s initiative.
The heightened awareness translated into concrete results, with close to 2,000 workers taking their first steps towards locating pension savings they may have lost track of over the years.
Britons are being urged to recover ‘forgotten’ pension pots
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Now in its fifth year, the annual campaign coincides with the clocks going back, serving as a prompt for people to reconnect with potentially forgotten retirement funds.
The campaign’s digital presence saw remarkable growth, with the official NPTD website logging 18,021 sessions throughout the initiative which is a 131 per cent jump compared to the prior year.
Notably, 99 per cent of those visiting the site were first-time users, with approximately 2,000 proceeding to use the platform’s step-by-step guidance for tracking down missing pensions.
HR departments also showed increased interest, downloading Secondsight’s complimentary employer toolkit a record 856 times to assist their workforce in searching for overlooked savings.
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The initiative benefits from backing by nine prominent industry players: Aviva, Aegon, Legal & General Investment Management, Smart Pension, Scottish Widows, Royal London, Standard Life, Hargreaves Lansdown and The People’s Pension.
This industry support arrives at a crucial juncture, with the Pensions Policy Institute calculating that 3.3 million pension pots across the UK have become disconnected from their owners, representing a collective value of £31.1billion.
The typical lost pot is now worth £9,470, though this average climbs to £13,620 for individuals between 55 and 74 years old, based on SeconSight’s analysis of the sector.
Secondsight’s Darren Laverty said: “This year’s surge in engagement shows that when people are given the right moment and the right prompt, they’re willing to take action on money they might have forgotten about.”
He added that the campaign demonstrates people will prioritise their pensions when the process is straightforward and well-timed.
Earlier this year, Mr Laverty broke down why workers should take advantage of National Pension Tracing Day to recover lost pension pots.
“When the clocks go back, move your pension knowledge forward. Imagine giving your people a fantastic surprise by helping them find thousands of pounds they didn’t know about, ” he shared.
“National Pension Tracing Day gives people the perfect reminder to use an hour gained to start reconnecting with money they’ve already saved, but have forgotten about or overlooked.
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“With people having, on average, seven different jobs throughout their working life, and often moving house multiple times whilst doing so, it’s no surprise pension pots go missing.
“By encouraging their people to take part, employers can make a meaningful difference to the long-term wellbeing of their workforce.”
Workplace pension saving rules have been in the spotlight following Chancellor Rachel Reeves’s Budget, which confirmed annual salary sacrifice contributions will be subject to National Insurance once they cross over the £2,000 threshold.
Analysts have raised concerns this could disincentivise employees from taking part in workplace pension schemes going forward.