Financial Reset with Tony Jones – Lost Pensions

Financial Reset with Tony Jones – Lost Pensions

by Tony Jones, Courtney Jones Financial Services

As the year settles into its stride, it is a natural time to revisit the financial details that are easy to overlook. One of the most common is forgotten pensions. According to 2024 research, there are approximately 3.3 million unclaimed pension pots in the UK, worth around £31 billion in total.
(Pensions Age, Value of lost pension pots hits £31.1bn, 24 Oct 2024)

Over the course of a working life, it is not unusual to build up several pension pots. Early career roles, previous workplace schemes, providers that have merged or changed name, and employment before pension processes became more streamlined can all result in arrangements being left behind. They rarely stand still in value, but they are often left unmonitored.

 

What are forgotten pensions?

Forgotten pensions are simply plans you no longer actively monitor or review. They may:

• Sit with a former employer’s scheme
• Be invested in funds chosen many years ago
• Carry charging structures you have not revisited
• Include benefits or guarantees you are unaware of

Why does this matter?

When one or more pensions sit in the background, it becomes difficult to form a clear and accurate picture of your overall retirement position. Each pot contributes to your long-term retirement income, yet without visibility you may be:

• Underestimating or overestimating your projected retirement income
• Holding investments that no longer reflect your attitude to risk
• Paying higher charges than necessary
• Missing important beneficiary updates

Even a relatively modest pot can make a meaningful difference when properly accounted for in retirement planning.

 

What should you do?

Reviewing forgotten pensions is not about automatically moving everything into one place, as consolidation is not always appropriate. It is about clarity and alignment. A structured review can help you:

• Identify all existing pension arrangements
• Confirm up to date values
• Examine charges and investment strategies
• Check nominated beneficiaries
• Assess how each pot fits within your wider financial plan

Some pensions include valuable guarantees or safeguarded benefits, so it is important that any changes are assessed carefully before action is taken.

Understanding the full picture allows decisions to be made with greater confidence and purpose.

If you would like to review your pensions and ensure everything is working together as part of a clear plan, I can help you. Get in touch here: https://www.courtneyjonesfinancial.co.uk/contact [courtneyjonesfinancial.co.uk]

Tony Jones is a Partner at Courtney Jones Financial Services, providing advice to individuals, families and business owners on long term financial planning.

Courtney Jones Financial Services is an Appointed Representative of St. James’s Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.