In the News

Pension Tracing Service swamped

People who think they could be missing out on thousands of pounds in pension savings have flocked to the phonelines to try and track down their lost money. Through a freedom of information request, it has come to light that The Pension Tracing Service received a total of 251,733 phone calls between July 2018 and August 2023. Figures suggest the average lost pension pot is worth £9,500. To save yourself time on the phone, you can access the government’s pension tracing tool at

If you trace a lost pot, get in touch; we can check whether the underlying investments are suitable for your requirements.

Milestone moments denied

Many savers are now choosing to deny themselves milestone moments, such as major holidays, big weddings and home renovations, to keep putting money aside for future essentials. A survey1 asked respondents to classify themselves as spenders or savers. More than 80% of people who consider themselves to be ‘spenders’ still put money aside each month, being motivated to build a nest egg for the future. However, the amount savers feel they need to squirrel away varies markedly depending on age, with younger ages more likely to have abandoned plans.

1Gatehouse Bank, 2023

The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. Inheritance Tax Planning is not regulated by the Financial Conduct Authority.