Research

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

Surveying the state of lost pensions

With the Pensions Dashboard Programme delayed until 2026, tracking down pensions is a less than ideal process that could come at a cost to UK citizens' wealth and personal data.

Older man securing his emails using a laptop

The Problem

The state of pensions

The Pensions Dashboard Programme, now postponed until 2026, aims to offer a secure, unified platform for accessing pensions information online. 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. Recent research estimates that the value of such lost pension funds could amount to a staggering £26.6 billion. It can also lead to fractured communications that increase the potential for sensitive data to be sent unsecured.

Mother and daughter securing emails on laptop

The facts

Our survey says...

For National Pension Tracing Day, we surveyed our community to understand the state of lost pensions.

4 in 10 pensions lost

4 in 10 respondents do not keep track of all of their pensions from previous employers.

20% have 2 lost pensions

20% of respondents have 2 lost pension pots that they no longer have track of.

Only 14% tracked down

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

40% underestimate the value

40% of respondents underestimate the average amount of a lost pension (£9,500).

41% can't find providers

41% of those with lost pensions struggle to find the correct pension provider.

25% asked to email data

25% of respondents have been asked by providers to email personal details.

87% think support is needed

87% agreed there should be more support available to find dormant assets.

42% would see impact

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

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.

Male professional using laptop to secure emails

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.