Research

25% of people asked to email personal data by a pension provider

Surveying the state of lost pensions

With the launch of the Pensions Dashboard Programme still pending, many UK citizens face a fragmented and insecure process when trying to trace their pensions - a situation that could cost them dearly in lost savings and data exposure.

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The Problem

The state of pensions

With the launch of the Pensions Dashboard Programme still pending, UK citizens continue to navigate a disjointed system for managing their retirement funds. Until this initiative takes effect, UK citizens are compelled to navigate a disjointed system, marked by a lack of common standards, for managing their retirement funds.

Couple looking at their pensions online-1

The current pensions system makes it all too easy for pension pots to go missing. According to the Pensions Policy Institute, the estimated value of lost pension pots in the UK stands at over £26.6 billion. It can also lead to fractured communications that increase the potential for sensitive data to be sent unsecured.

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The facts

Our survey says...

We surveyed 87 members of our customer and partner community, most with ties to regulated businesses, either working within them or using their services.

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4 in 10 pensions lost

4 in 10 respondents do not keep track of all of their pensions from previous employers.
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20% have 2 lost pensions

20% of respondents have 2 lost pension pots that they no longer have track of.
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Only 14% tracked down

Out of those who have lost track of their pensions, 14% have tried to reclaim them.
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40% underestimate the value

40% of respondents underestimate the average amount of a lost pension (£9,500).
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41% can't find providers

41% of those with lost pensions struggle to find the correct pension provider.
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25% asked to email data

25% of respondents have been asked by providers to email personal details.
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87% think support is needed

87% agreed there should be more support available to find dormant assets.
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42% would see impact

42% think reclaiming pension pots would have a significant impact on their finances. 

Survey Summary

What the data tells us

Our findings show that 4 in 10 people have lost track of pensions from past employers, with 1 in 5 having lost two or more pots. Alarmingly, only 14% have attempted to recover them, and 25% have been asked to share sensitive data over unsecured channels like regular email.

The way forward

Remaining vigilant

Until the Pensions Dashboard Programme launches and begins to have impact, there will be a need for pensions providers, customers, and their advisers to send sensitive data back and forth. With cyber crime on the rise, it is vital that all parties remain vigilant in protecting transferred personal data.

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A helping hand

Email, made secure

We've designed Mailock secure email to enable safe email communication within the financial services ecosystem. Mailock enables financial services companies to authenticate customer identity by email, and exchange sensitive documents with individuals and intermediaries.

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From The Founder

Many retirees have pre-digital pension schemes

This has led to significant barriers when it comes to successfully reclaiming these assets. It's crucial that all data remains secure, especially when sensitive documents are being transferred between customers and providers during the asset recovery process.

Paul Holland CEO, Beyond Encryption
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Methodology

Beyond Encryption surveyed 87 members of our community. Respondents were asked 14 questions regarding their pension pots, communications with pension providers, and opinions on the UK government's Dormant Asset Scheme.
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