£19 billion of missing pensions
Nov 13, 2023
This is a bit of a scary post.
But, we wouldn’t have built Penny if there wasn’t a problem worth solving.
TL;DR: Millions of people have lost pensions 😬.
1.6m pension pots are currently unclaimed.
On average, lost pensions have about £13k in them 💷.
Add them all up, and there’s an eye-watering £19.4 billion of missing pension cash… out there 😱.
Pension companies do occasionally try to find the owners of lost pension, but these days we move house every couple of years, and who sends their pension providers a letter requesting a contact address update? Who even knows who their pension providers are? (Spoiler: no one).
Well, 4% of people do actually. Nerds.
It’s scary to think you’ve got lost cash sitting in an account somewhere. In 2020, it’s kind of ridiculous 🤷♀️.
Penny helps by giving people the tools to easily bring old pensions into one pension account.
You can then check your pensions any time right in the Penny app.
Sort pensions – check ✅.