New DWP pension tool could help recover lost thousands

A new tool from the Department for Work and Pensions (DWP) could help millions of Brits find lost pension pots—potentially adding an extra £9,000 to their retirement savings.

The Pensions Dashboard, currently in development, will give people a single place to view all their pension savings.

According to a 2024 report by the Pension Policy Institute, around 3.3 million pension pots are currently ‘lost’ in the UK, with an average value of £9,470 each. For those aged 55 to 75, the figure rises to £13,620 per lost pension.

With frequent job changes, many workers lose track of past pension contributions—leading to staggering losses.

With job mobility on the rise, the problem is expected to worsen. But the new dashboard aims to fix this, ensuring savers can easily see all their pension pots—including workplace, private, and state pensions—on one platform.

Unlike the current system, where individuals must track down old pensions themselves, the dashboard will require all pension providers to register. This shift puts the responsibility on providers to ensure savers can view their funds.

Under the DWP’s timeline, all pension schemes must be registered by October 31, 2026. This deadline was set by the previous Conservative government, and Labour’s pensions minister Emma Reynolds has confirmed it will remain in place.

In October, Ms. Reynolds said it was “too early to confirm a launch date for public use,” citing the project’s complexity.

Once live, there will be two versions of the dashboard. The government’s MoneyHelper service will launch first, providing a basic view of all pensions in one place.

Later, private companies will introduce their own dashboards, offering extra features such as pension consolidation and investment advice.

Until the dashboard is live, Brits can still track down lost pensions using the government’s Pension Tracing Service, which has been available since 2016.

With billions potentially sitting in unclaimed pension pots, checking now could be a smart move for securing your financial future.