Billions of pounds sit in lost pension pots that savers never claim - often because records, contact details, or awareness have drifted apart over decades.
Alan Morahan, Chief Commercial Officer at Punter Southall, has spent much of his career in pensions administration and wealth services. In podcast episode 10, he explains how firms can help people trace forgotten savings and why industry-wide initiatives matter.
At Punter Southall, work on National Pension Tracing Day and related research sits alongside services such as pension administration, wealth management, and Aspire to Retire education for the over-fifties. The practical question for providers and savers is how to close the gap between money that exists on paper and pensions people can actually find and use.
The Scale Of Lost Pensions In The UK
Lost pensions are not a niche administrative issue. Research discussed in the episode puts the total value of unclaimed pension savings at nearly £27 billion.
People lose track of pots when they change jobs, move home, or simply never receive clear follow-up from former schemes. Each small gap in records can add up to meaningful retirement income left on the table.
What The Research Highlights
Nearly £27 billion sits in lost UK pension savings - a figure that underlines why tracing, contact-data quality, and public awareness campaigns need sustained industry attention.
Providers that treat tracing as a one-off admin task miss the wider pattern: savers disengage when pensions feel distant, and schemes lose the ability to reach members when contact details go stale.
How Punter Southall Evolved Around Pension Administration
Punter Southall began more than 30 years ago as a small actuarial practice and grew by adding pension administration, wealth management, and related services. Morahan joined around 18 years ago through the acquisition of Opus Consulting.
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The firm has adapted as retirement planning expectations have shifted. The Aspire to Retire programme targets the over-fifties with education on retirement planning, which in turn fed research into the scale of lost pensions.
That research helped justify a broader national effort rather than limiting outreach to existing programme members alone.
National Pension Tracing Day And Real Outcomes
National Pension Tracing Day was established to reach people beyond Punter Southall's own membership, with backing from major industry players. The aim is to raise awareness and give practical guidance on reclaiming lost pensions, regardless of pot size.
"One that stands out is Kerry Hatton from Somerset. He traced six pensions worth £8000 in total. It's not a large sum by industry standards, but for individuals, this amount can be significant."
Alan Morahan, Chief Commercial Officer, Punter Southall
Stories like Kerry Hatton's show why tracing campaigns focus on individual outcomes, not only headline industry totals. A few thousand pounds can materially change someone's retirement options even when it looks modest on a scheme report.
Steps Savers Can Take Now
Check pension statements and employment records for schemes you may have left behind.
Keep contact details updated with current and former providers.
Providers supporting tracing initiatives need communications that reach the right person at the right address - a recurring operational challenge when member data is incomplete.
Pension Dashboards And Longer-Term Visibility
The Pension Dashboard is widely expected to improve visibility across multiple pots, but delivery remains complex because data must be integrated from numerous and diverse schemes.
"The Pension Dashboard will be a game-changer. However, it's a complex project, especially considering the need to integrate data from numerous and diverse pension schemes. Once operational, it will provide much-needed visibility and ease in managing pension pots."
Alan Morahan, Chief Commercial Officer, Punter Southall
Until dashboards are fully operational, tracing days, scheme-level outreach, and member education still carry much of the practical load for reconnecting savers with forgotten savings.
"When pension schemes and administrators contact members about tracing or retirement planning, the channel still needs to be clear, secure, and straightforward enough that people act on the message rather than ignore it."
Paul Holland, Founder and CEO, Beyond Encryption (Mailock)
That balance between national infrastructure and day-to-day member contact will shape how quickly lost pension totals start to fall.
Staying Proactive About Pension Records
Morahan's closing message to listeners is direct: stay informed, review statements, update contact details, and ask for help if you think you have lost pensions.
"It's crucial to stay informed and proactive about your pensions. Check your statements, keep your contact details updated, and don't hesitate to seek help if you suspect you have lost pensions. Every penny counts towards a comfortable retirement."
Alan Morahan, Chief Commercial Officer, Punter Southall
Initiatives such as National Pension Tracing Day and the emerging Pension Dashboard are part of a longer shift toward making pension savings easier to see, manage, and claim before retirement arrives.
FAQs
How Much Money Is Held in Lost UK Pensions?
Research discussed in the episode puts the figure at nearly £27 billion in unclaimed pension savings.
What Is National Pension Tracing Day?
It is an industry-backed initiative, supported by Punter Southall and others, to raise awareness and guide people on reclaiming lost pensions beyond a single firm's client base.
Can Small Pension Pots Still Matter to Individuals?
Yes. Alan Morahan cites Kerry Hatton, who traced six pensions worth £8000 in total - modest by industry standards but significant for the individual saver.
How Does the Pension Dashboard Fit In?
It is expected to give savers better visibility across schemes once operational, though integrating data from many diverse pension providers remains a complex challenge.
Where Can I Watch or Listen to the Full Episode?
Watch the embedded video above, listen on Spotify, or view the interview on YouTube.
Paul, CEO and Founder of Beyond Encryption, is an expert in digital identity, fintech, cybersecurity, and business. He developed Webline, a leading UK comparison engine, and now drives Mailock, Nigel, and AssureScore to help regulated businesses secure customer data.
Paul Holland
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