The Government’s Pension Tracing Service fielded more than 270,000 calls in just under five years but Hargreaves Lansdown said the figure was a “drop in the ocean” compared to the scale of the problem.
A Freedom of Information request by the investment platform found the Pension Tracing Service fielded 273,709 calls between 1 January 2021 and 29 September 2025.
However, research from the Pensions Policy Institute estimates there are 3.3 million lost pension pots.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “This is all money that can make a significant improvement to people’s lifestyles in retirement and could be the difference between struggling to make ends meet and being able to enjoy your golden years.”
Morrissey said the incoming Pension Dashboard will make it easier to track down pensions, as will government plans around the consolidation of small pots.
However, Hargreaves Lansdown has urged people not to wait and to use the upcoming ‘National Pension Tracing Day’ on 26 October to take steps to trace lost pensions.
Morrissey added: “Once you’ve tracked down your pensions, you may wish to consolidate them into one place. This can save you time, admin and even cost. It’s important to compare your old provider with what your new one can offer you. What are the fees like? What kind of investment choice is on offer and what support is available to you?
“Having one overarching view of what you have can transform your retirement planning as you will view one larger pension in a different way to several small ones which you may be tempted to cash in and spend.”
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