MARTIN LEWIS WARNS PENSION SAVERS TO TRACK MULTIPLE RETIREMENT POTS

Martin Lewis has advised pension savers to keep records of all retirement accounts they have accumulated across different employers. Speaking on his BBC podcast, Mr Lewis explained that individuals who have changed jobs multiple times during their careers risk losing track of separate pension pots. He stated that people should actively monitor their pension arrangements to avoid losing money they have contributed over the years.

Mr Lewis shared examples of individuals who had forgotten about pensions started in their early working lives but later recovered substantial sums. He told listeners that people have contacted him after discovering pension pots worth tens of thousands of pounds that they had completely overlooked. Mr Lewis identified two resources to help people locate lost pensions: the Government Pension Tracing Service, available for those who remember their former employer, and Gretel, a fintech firm that offers free pension-tracing services.

Mr Lewis noted that once individuals have located all their scattered pensions, they have the option to consolidate multiple pots into a single account. He suggested this approach could simplify pension management for savers with fragmented retirement savings across several schemes. The advice comes as part of broader guidance Mr Lewis regularly provides about pension planning and retirement preparation.