Nest launches free pensions finder service for members

Workplace pension scheme provider Nest has launched a free pension finder service to help its 14m members track down 'lost' pension savings from previous jobs.

Nest data shows that one in four members do not know how, or are unsure of, many pension pots they have.

The average person is estimated to have 11 jobs during their lifetime, as many workers build up pension savings with multiple schemes through different employers.

Research from the Pensions Policy Institute estimates that there are around 3m lost or forgotten pension pots, worth more than £18.7bn. It reckons the average value of a lost pension pot is £6,000.

Research published last month showed that only two-in-five (40%) adults know where all their private and workplace pensions are held. One-in-six (16%) do not know where any of their pensions are held at all.

Nest's pension finder has been developed in partnership with Pension Lab. It is available through members' secure online accounts.

Members must provide details of previous employers to receive help tracking down pension savings they may have lost or forgotten about. They can also share details of other pension providers they may think they have a pension pot with and the tool will check for them.

Gavin Perera-Betts, chief customer officer at Nest, said: “While changing jobs is exciting, it can make it harder to keep track of where retirement savings are held. The new service helps members find what's already theirs, understand their options and decide what action, if any, is right for them.”

Nest has more than 14m members, with one in three UK workers holding a Nest pension pot.

However, according to data released under an FOI request last November, less than a third of Nest members are paying into their retirement pots. Under 4m of Nest Pensions’ 13.7m members were contributing to their pensions, the figures showed.