If you’ve ever worked in the UK, there’s a chance you might be missing out on a share of the £31.1 billion sitting in unclaimed pension pots. With 3.3 million pension pots left unclaimed, a significant number of them belonging to those under 55, many people simply lose track of their savings when they change jobs or move abroad.
If you’ve ever worked in the UK and are now living in Australia or New Zealand, the impact of lost pensions can be significant. You may have accrued pension savings during your time in the UK, but if those pots have been forgotten or overlooked, you could be missing out on money that’s rightfully yours. Reconnecting with these pensions is key to ensuring those funds don’t go to waste.
The Pensions Dashboard Initiative
To address the issue of lost pensions and provide individuals with better oversight of their retirement savings, the UK government is rolling out the Pensions Dashboard. This platform will allow users to see all their private pensions in one place, making it easier to keep track of what they’ve accumulated over their working life.
How to Access the Pensions Dashboard
Access to the Pensions Dashboard will be through a secure online platform. Users will need to verify their identity through a government-approved identification process, such as the UK Government Gateway or a similar authentication service. Once verified, they can log in and view details of all their private pensions in one place. The platform will display information on each pension pot, including the provider, current value, and contact details. It will not provide transaction capabilities but will serve as a comprehensive view of all private pension assets in a single interface.
Rollout Schedule
The Pensions Dashboard rollout is happening in stages, with the final connection deadline for all schemes set for 31 October 2026. Master trusts with over 20,000 members are among the first to connect, scheduled for 30 April 2025. The first pension provider successfully connected to the dashboard ecosystem on 17 April 2025, signaling the start of what is expected to be a gradual rollout.
Proactive Steps to Take
While waiting for the Pensions Dashboard to be fully implemented, individuals can take steps now to secure their financial future:
- Trace Lost Pensions: Use the Pension Tracing Service to locate lost pensions from previous employers.
- Consolidate Pension Pots: Combining multiple pension pots can simplify management and reduce fees.
- Review Pension Entitlements: Stay informed about all private pensions and consider consolidating small pots to avoid unnecessary fees.
Conclusion
The Pensions Dashboard is a promising initiative that could significantly reduce the number of lost pensions and provide better visibility of private pension savings. For UK expats in Australia and New Zealand, it offers an opportunity to reconnect with pensions that might otherwise be overlooked. However, proactive steps now can ensure that lost pensions don’t become lost income in retirement. If you think that you might have a lost UK pension contact us and we can walk you through the process of finding them.
