When people think about “getting their affairs in order”, they often focus on making a Will or putting Lasting Powers of Attorney in place. These are all vital steps (see the first episode of our podcast series on the importance of making a Will here). Yet one area that frequently gets overlooked is pensions, particularly those from previous jobs.

In a world where many of us change employers several times over a working lifetime, it is surprisingly easy for pension savings to be left behind, forgotten or misplaced. Failing to deal with these pensions can mean missing out on money you have worked hard to build and it can also create unnecessary complications for your loved ones later on.

Why so many pension pots go missing

Over the years, workplace pensions have become easier to set up, but not necessarily easier to keep track of.

People change address, change name, change jobs or move sectors. Pension providers merge, rebrand or close older schemes. Paper statements get filed away or thrown out. Before long, a small pension from a job held ten or twenty years ago fades from memory.

According to industry estimates, there are many forgotten pension pots in the UK, often worth much more than people expect. Even small monthly contributions can add up significantly over time due to long‑term growth. Figures suggest that the total of old and lost pensions in the UK could be up to £31.1bn.

Why lost pensions matter now – Not just at retirement

Many people assume pensions only matter when retirement is approaching. In fact, identifying and organising them sooner can make a real difference.

From a financial perspective, knowing what pensions you have allows you to:

• Understand your overall financial position
• Plan realistically for retirement
• Avoid unnecessary charges by consolidating where appropriate

From an administrative perspective, forgotten pensions can cause real difficulties if something happens to you unexpectedly. Unlike money in a bank account, pension benefits often sit outside your estate and benefits may pass at the discretion of pension trustees rather than under a Will, although this is set to change in April 2027. For now, clear records and up‑to‑date paperwork make an enormous difference.

The impact on your loved ones

If you die without having your pension arrangements clearly documented, the task of tracing them can fall to grieving family members or executors. This can be time‑consuming, stressful and emotionally draining at an already difficult time.

Executors may not even know which employers you once worked for, let alone which pension schemes were involved. Delays in locating pensions can slow down estate administration and, in some cases, cause financial hardship for dependants who were relying on those funds.

By contrast, taking steps now to identify, organise and record your pension information is a practical act of care for the people you leave behind.

Making pension tracking part of getting your affairs in order

Good estate planning isn’t just about legal documents; it’s about clarity. A simple, structured approach to pensions can be invaluable.

Consider:

• Making a list of all employers you have worked for
• Noting the approximate dates of employment
• Recording pension provider names, policy numbers and contact details
• Checking and updating the expression of wish or nomination forms

These details don’t need to be overly complex, but they should be accurate and accessible. Letting your executor or a trusted family member know where this information is kept can save months of work later.

Reviewing pensions alongside Wills and Powers of Attorney

Pension arrangements should be reviewed at the same time as other key documents.

Life events such as marriage, divorce, the birth of children or the death of a loved one may mean your pension nominations no longer reflect your wishes and under the current rules, this can have significant consequences. 

Bringing pensions into the same conversation as Wills and Lasting Powers of Attorney creates a more complete picture of your intentions and avoids nasty surprises.

A small task with peace of mind benefits

Finding and organising old pension pots is rarely considered urgent, which is why it’s so often postponed. But it is one of those tasks that delivers disproportionate peace of mind once it’s done.

You gain:

• A clearer view of your financial future
• Greater confidence that your wishes will be understood
• Reassurance that your family won’t have unnecessary hurdles to overcome

In short, pensions are not separate from getting your affairs in order; they are part of it.

If you are already taking steps to plan for the future, now is the perfect time to add “track down old pensions” to your checklist. Your future self and your loved ones will thank you.