Warning issued that UK households could be missing out on substantial sums from forgotten pension pots

The Pensions Policy Institute (PPI), an independent pensions and retirement policy research body, published a report on 12 October 2026 stating that more than three million UK pension pots remain lost, worth £6k on average¹. On 1 November 2026, Birmingham Live reported a warning that UK households could be missing out on substantial sums from forgotten pension pots, with lost funds averaging over £6,220².

The two figures differ. The PPI gives an average of "£6k"¹; Birmingham Live gives "over £6,220"². Neither source explains the gap, and no further breakdown of the lost pots, such as their size distribution or the schemes involved, has been reported.

Birmingham Live attributes the loss of track to workers having had multiple employers, resulting in an estimated 3 million lost pension pots across the UK². The PPI's headline figure is "over 3 million"¹. The PPI report is dated 12 October 2026 and was posted by Sam Eccles¹.

Birmingham Live reports that the government's Pension Tracing Service, and services from platforms including AJ Bell, PensionBee and Aviva, can be used to locate missing pensions². It quotes AJ Bell saying it is "worth checking if there are any with your name on them that could boost your retirement income without costing you a penny"².

On workplace saving, AJ Bell told the paper that someone paying only the typical minimum 5% contribution under auto-enrolment rules could check with their employer whether it will match extra payments up to a certain level, noting that many employers offer some matching alongside the typical minimum 3% contribution². It also referred to a SIPP, which it said can be accessed from age 55, rising to 57 in 2028².

Why it matters for households

The figures concern people who have built up pension savings with more than one employer and have since lost contact with a scheme². On the reported numbers, the sums involved are not trivial: an average of £6k per lost pot on the PPI's figure¹, or over £6,220 on Birmingham Live's². Because the two averages differ and neither source sets out how they were calculated, the amount any individual household might be missing cannot be read from either.

The practical route to a lost pot named in the reporting is the government's Pension Tracing Service, alongside tracing help offered by some providers². For anyone weighing up what to do with a pot once found, the reporting flags two things that can affect its value: benefits attached to an old scheme that could be lost on transfer, and exit charges². Free guidance on pension options is available through Pension Wise.

The workplace contributions point concerns people in a workplace or personal pension paying the minimum auto-enrolment rate, where an employer may match extra contributions up to a set level². Whether a given employer does so, and up to what level, is a matter for that employer; the reporting gives no figures beyond the typical minimum rates of 5% and 3%².

What happens next

No next steps, timetable or government response to the PPI report has been reported. The PPI report was published on 12 October 2026¹; the Birmingham Live warning was published on 1 November 2026². The only dated change in the reporting is the rise in the age at which a SIPP can be accessed, from 55 to 57 in 2028, as stated by AJ Bell².