I’m a pensions expert – how millions of YOU could have £13,000 sitting in a lost retirement cash pot

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On an average £13,000 worth of lost pension pots could be missing out on millions of savers.

Retirement may take some time, but PensionB chief executive Romi Savova said planning ahead can help you uncover a burgeoning secret of cash.

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Sun’s Squeeze team expert Romi Savova explains how you could miss out on £13,000 for your retirement

search for a hidden pension Pot can provide relief to those who are struggling to save for the future while a cost of life crisis spoil the budget.

Millions of families are barely able to make their payments Rising energy, food, fuel and transportation billsLet alone setting aside money for his retirement.

But the latest estimates from the Association of British Insurers show that there are about 1.6 million forgotten pension pots waiting to be rediscovered.

Collectively, there are £20 billion in deposits in these accounts – meaning an average of £13,000 is hidden.

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Cash will come in handy as research shows state pensions are Just not enough to get by in retirement.

When you can retire can also affect, Ms Savova said.

“Losing track of these pension savings can have significant implications in later life, and could see millions of people working longer than they would otherwise have been able to afford.
Retire comfortably,” she said.

If you think you have a lost pension pot ready to claim, Ms. Savova gives her tips on how to find yours – and how to avoid losing your pension account in the first place.

Ms. Savova is one of The Sun’s experts squeeze team Panel, here to help you through the dire cost of life crisis.

If you’re concerned about meeting your needs, struggling to pay off your loans or don’t know how to best manage your cash, get in touch by email. Squeezeteam@thesun.co.uk,

tracking your cash

To track your Pension Cash stash, collect all the documents you have for the lost account.

You should receive the annual statement by post to your address. Keep your address up to date so that you can receive important documents in the future.

If you see pension providers you don’t recognize, contact them as they can tell you just about any account – and how much is in it.

Contact your old employers who will help you find out which pension provider you have signed up with.

Otherwise, you can use Government’s Free Pension Tracing Service,

It lets you search a database of hundreds of thousands of pension plan contact details to find your provider.

You can search online by entering the name of your employer or old pension provider.

The service will tell you who managed your old company’s plan and you will then need to contact them.

How to Avoid Losing Your Pension Pot

To avoid lose your pension pot First, Ms. Savova said workers should try to consolidate your old workplace pension every time you change jobs.

“That way their personal pension becomes their ‘home’ pot that they will keep until retirement, and they only have to manage it and the current workplace pension,” she said.

It’ll also help you keep track of how much you’ve spent for your retirement — and whether you need to increase how much you’re saving.

Keeping your personal details up to date will ensure that pension providers can contact you regarding any changes in your account.

“If you go home or change personal information you either forget to update your provider’s contact details or lose your providers’ details,” she said.

“But savers should keep their pension providers well informed of any personal changes to ensure they avoid losing their hard-earned retirement savings.”

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Another pension expert reveals four common mistakes you can see miss thousands in retirement.

While a saver tracked a missing pension account To find out that it cost £20,000.

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