Many people in the UK are more likely to organize their sock drawers than their financial accounts, with a significant number losing track of savings and pensions. Research from the financial record-keeping app Orderist indicates that nearly two-thirds of Britons would rather spend an hour sorting socks than managing their savings or pensions. Consequently, 27% of individuals have lost track of at least one bank or savings account, and 18% have misplaced information about a pension.

Losing track of financial documents and login details can easily happen, especially after changing jobs or moving homes multiple times. However, recovering these lost assets is often more straightforward than anticipated. Beyond potentially rediscovering forgotten funds, organizing these accounts can significantly ease the process for loved ones should the worst happen.

Nearly a quarter of people worry that their beneficiaries would struggle to locate their financial information, which could prolong the process of settling their affairs after death. Tom Poynter, CEO of Orderist, stated that forgetting about a nest egg is akin to losing it, and misplaced documents could also create difficulties for family members.

Tracing Lost Pensions

In the UK, individuals are automatically enrolled in workplace pensions unless they opt out. Having multiple jobs can lead to numerous pension pots, increasing the chance of losing track of them. The following steps can help in tracing lost pensions:

  • Review Paperwork: Start by searching for any existing pension-related documents that contain policy numbers. Keeping correspondence is crucial.
  • Investigate Former Employers: Determine if the companies you worked for are still in business, have changed their names, or are contactable. The UK government's Companies House website can provide company information, and HMRC offers a way to request employment history.
  • Utilize the Pension Tracing Service: The government provides a Pension Tracing Service that can help identify up-to-date contact details for pension administrators. It's important to be cautious of commercial tracing services that may charge fees or be fraudulent.
  • Follow the Money: Ascertain if the pension provider was acquired by another business or if the pension scheme's assets are now held by an insurance company or a compensation scheme like the Pension Protection Fund.
  • Leverage Personal Networks: Contact former colleagues who may still be receiving pensions from the same scheme. Social media platforms like LinkedIn can also be useful for tracking down former coworkers.

Locating Lost Savings Accounts

Banks and building societies typically classify accounts as 'lost' after a period of inactivity, often 15 years. They usually attempt to contact the account holder, but if no response is received, the account is marked as lost, though the funds remain accessible.

Failing to update an address after moving house is a common reason for accounts becoming lost. If you know the financial institution holding your account, contacting them directly is the first step, providing any old addresses or names they might have on record.

If the bank or building society is unknown, the UK government's My Lost Account website can help trace UK-based personal accounts. It's advisable to gather as much information as possible, including sort codes, account numbers, previous addresses, and names of anyone who might have opened the account on your behalf.

For those searching for accounts as an executor or next of kin, a date of death will be required. Additionally, NS&I (National Savings and Investments) offers a dedicated tracing service for its accounts via a downloadable paper form or written request.