Scottish Widows has launched a new tool to help people track down lost pension pots, addressing the estimated 3.3 million lost pots in the UK worth a combined total of £31.1 billion.
How the Tool Works
Partnering with fintech company The Pension Lab, Scottish Widows has integrated the service into its app. Customers log in, enter their National Insurance number, and optionally provide details such as previous employers, pension provider names, and active years. They then digitally sign a letter of authority, allowing The Pension Lab to contact providers on their behalf.
Once the system locates the pension pots, customers can either leave them where they are or consolidate them into one place. Scottish Widows advises seeking free pension advice from MoneyHelper before making any major changes.
Why Pensions Get Lost
Common reasons for lost pension pots include changing jobs frequently and failing to update paperwork after moving house. Chira Barua, CEO at Scottish Widows, said: “Too many people are going into later life without a clear picture of what they have saved, simply because their pensions are scattered across different jobs and providers. With millions of pots sitting unclaimed across the UK, helping people reconnect with their savings is an important first step in improving retirement outcomes.”
Barua added: “We’ve made pension tracing simple and accessible, to make bringing pensions together in one place as easy as possible so that people can properly understand their future finances and take control of them. Reaching one million app users is a clear signal that customers want straightforward, digital ways to manage their money, and we’re continuing to invest in digital and AI tools that remove friction and make pensions easier to engage with. By combining innovation with practical support, we’re helping more people turn good intentions into meaningful action.”
Other Tracing Options
The government offers a free Pension Tracing Service that helps locate lost pensions by providing contact details of providers based on previous employment details. However, it does not reveal the amount invested; users must contact the administrator directly. Additionally, a new pensions dashboard tool is set to launch this year, allowing people to view all their pension information in one place. All schemes must be connected to the dashboard by October 31, 2026.
