£19 billion of missing pensions

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.

To-do:
Sort pensions – check ✅.