Pension tracing requests reach four-year high
This is according to law firm Pinsent Masons.
An average of 11,785 people make requests to the Pension Tracking Service (PTS) every month in 2013/14. This is compared to 6,424 in 2010/11-an increase of 83 per cent.
It is thought that more than a million pensions-worth a total of £3 billion-have been abandoned in dormant accounts; the Government estimates that by 2050 there will be 50 million such accounts in existence, worth £757 billion.
Carolyn Saunders, London head of pensions at Pinsent Masons, said: “While the vast majority of requests processed by the PTS are successful, these figures highlight the burden created and brings into sharp focus government proposals to introduce ‘pot follows members’ legislation whereby pension schemes will automatically follow an employee when they change jobs.”
She continued: “With a record number of people facing inadequate retirement income, the need to keep track of your pension is greater than ever.”