Money saving expert Martin Lewis has issued a warning to pensioners who could have “£10,000s hidden” as he warns there is more than “£31billion sitting in lost, old pensions.”
The financial guru’s latest “MoneySavingExpert’s Money Tips Email” contains his “16 Pension Pumpers – Tips, tricks & must-knows to boost your private & work pensions by possibly £10,000s.”
In it, he provides 16 tips and tricks and number 3 will be of particular interest to UK pensioners.
Martin, who also works as a presenter for ITV’s Good Morning Britain and This Morning and presents The Martin Lewis Money Show, warns pensioners that there are billions sitting in old, “lost” pensions and many people now “lose track” as they pay into pensions without being asked to.
Martin writes: “There’s over £31 billion sitting in lost, old pensions. Do you have £10,000s hidden? With people regularly moving job, especially as many now start paying into a pension without being asked (see below), some lose track. There are a number of tracing old pensions tools you can use to track them down.”
Martin goes on to quote a reader, Deborah, who he says emailed his team with a story that he says proves it’s “worth a check”.
Deborah told Martin: “I’ve been having a major sort out of our paperwork. I found information about a very old pension from 1998 four addresses ago.
“We used your advice about tracing a lost pension and found a pension pot of £61,700 that my husband didn’t know he had! So a big thank you. That will make a big difference to our retirement!”
The advice about tracing a lost pension Deborah refers to is in a previous guide Amy Robers of the Money Saving Expert website wrote.
In it she advises making a list of all your old employers so you know how many pensions you’re looking for; if you can’t find any such paperwork you can try the free tool from the Pension Tracing Service; and use Gretal: the free, catch-all service, launched in 2022, among other tips.
Elsewhere, Martin is also urging the public to take a closer look at their State Pension forecast, which could hold the key to boosting their retirement savings. He explains the pivotal role of National Insurance (NI) credits, accumulated through work in Britain, in augmenting one’s State Pension.
He advised, “Every year worked in the UK builds up National Insurance years (as can looking after your child, caring or being ill). Most people now need roughly 35 years to qualify for the full New State Pension of currently £221 per week for a single person. This payment is taxed as other income and is currently paid when you hit 66 whether you still work or not. Do check your State Pension forecast and see if you can boost your State Pension.”
