A substantial number of people in the UK are neglecting their finances, with many losing track of savings and pension accounts, according to research. A study by the financial record-keeping app Orderist found that nearly two-thirds of Britons would rather spend an hour sorting socks than organizing their savings or pensions.

This disorganization has led to 27 percent of individuals losing track of at least one bank or savings account, and 18 percent have misplaced a pension. The issue is exacerbated by frequent job changes or house moves, which can make it easy to misplace important documents and login details.

Beyond the potential to rediscover forgotten funds, keeping financial information organized is crucial for easing the burden on loved ones. Nearly a quarter of people worry their families would struggle to locate their financial information if needed, potentially prolonging the process of settling their affairs after death.

"Forgetting about a nest-egg is tantamount to losing it, but losing track of vital documents and deeds would also cause problems for your loved ones in the event that something happened to you," said Tom Poynter, CEO of Orderist.

Tracing Lost Pensions

For those with multiple jobs, it is common to have several workplace pension pots. If you need to track down a lost pension, several steps can be taken:

  • Review Paperwork: Start by looking for any official pension paperwork you still possess, noting policy numbers and keeping all correspondence.
  • Investigate Former Employers: Determine if the company you worked for is still in operation, has changed its name, or is contactable. The government's Companies House website can provide information on company status, and HMRC can be contacted to request employment history.
  • Utilize the Government's Pension Tracing Service: This service can help identify up-to-date contact details for pension administrators, even if the original company has been taken over.
  • Follow the Money: Investigate if the pension provider was acquired by another business or if the scheme's assets are now managed by an insurance company or a compensation scheme like the Pension Protection Fund.
  • Leverage Personal Networks: Contact former colleagues from previous jobs who might still be in touch with the pension provider or know how to track it down. Social media platforms like LinkedIn can also be useful for finding former associates.

Locating Lost Savings Accounts

Banks and building societies typically classify an account as 'lost' if it has been inactive for an extended period, often 15 years. If an account is deemed lost, the holder can still reclaim the funds.

  • Contact the Bank Directly: If you know which financial institution holds the account, contact them directly, providing any previous names or addresses that may be on record.
  • Use 'My Lost Account': For those unsure of the bank or building society, the government website My Lost Account can help trace UK-based personal accounts. It is advisable to gather as much information as possible, including sort codes, account numbers, and previous addresses.
  • NS&I Tracing Service: If you suspect you have a savings account with National Savings and Investments (NS&I), their dedicated tracing service can be used by downloading and completing a paper form with relevant details.

When searching for lost accounts as an executor or next of kin, a date of death will be required. NS&I aims to respond within a month of receiving an application.