Keeping tabs on your pensions can become challenging, especially if you have switched jobs frequently.
Recent research from the Pensions Policy Institute (PPI) in 2024 reveals that approximately £31.1 billion is currently unclaimed or lost in pension funds.
However, locating your lost retirement savings is achievable, as demonstrated by John Ferguson, a 32-year-old Edinburgh resident working in the security sector. Using the Penny app, Ferguson uncovered £10,000 in missing pension funds spread across seven pots, two of which he had no prior knowledge of.
Ferguson suspects there might still be additional pensions awaiting discovery. He shared with the Mirror his experience with Penny: “Penny was incredibly user-friendly. Minimal information is required for them to assist you.”
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Reflecting on his findings, Ferguson stated, “One of them… I completely forgot I worked for them when I was possibly 18. When I was on the Penny app, you put in past employers so I just clicked it and when I got a notification to say they’d found a pension, I was really surprised.”
“If I never used the Penny app, I potentially never would have found that pension. The other one was a pension, to this moment, I still don’t know where it came from.”
“I didn’t even put this pension provider or employer in, but I got a notification saying we think you have a pension with this provider.”
The Penny app locates your