With almost a quarter of us having lost track of our pensions, the creators of an innovative app say they can help millions of people unearth their share of the estimated £37 billion that’s missing in UK pension pots.
mypensionID, supporter of this month’s Pension Awareness Live (September 14th-18th), is specifically designed to provide a safe, secure and speedy process for individuals to bring together the data from all their pension providers and store it in one place.
A consumer survey by Profile Pensions this year revealed 24% of UK adults under 55 have lost track of one or more of their pensions, with the average pension pot valued at £23,000. Those aged between 25-34 are most likely to have missing funds, with 29% believing they’ve lost track of a pension and a further 10% saying they weren’t sure if they had or not.
Research also revealed the regions with the highest total funds (across all residents) in missing pensions:
Birmingham– £5.3 million relocated
Sheffield– £4.3 million relocated
Peterborough– £4 million relocated
Lisa Lyon, Founder of mypensionID, commented: “The average Briton has at least six jobs in their lifetime* which since the introduction of auto-enrolment, means that they will accumulate a pension benefit at every new employer, meaning a lot of administration for that individual as they move through their career keeping track of them all. Ultimately many people lose track of previous schemes and funds they have paid into.
“mypensionID is the quick and easy solution to this problem and brings together all of an individual’s pension pots into one secure place meaning that the pension holder can ensure that their pension provider always has their correct details. mypensionID is already used by a number of pension providers to help keep in touch with their customers; but we are excited to announce we will soon be crowdfunding to deliver phase 2 of the app, and bring it to the wider market.”
mypensionID will be crowdfunding soon, as it prepares to make its ground-breaking technology available to the public for just £1.99 per year. You can sign up to hear about the app, and get involved in the crowdfund at https://mypensionid.co.uk/crowdfunding/
Lisa continues: “COVID has highlighted the challenges the pension industry faces through its traditional contact and verification methods with its customers. Our app takes the process of finding a pension from weeks and months to minutes. We’re excited to be part of the Pension Awareness Live campaign in 2020. Now more than ever we need to make sure that people can stay in control of their hard-earned money.
“We truly believe in raising awareness of pensions and can’t stress enough the importance of educating consumers about them. People need to be clued up about them, but more importantly, to be able to connect with all their own pension pots in the simplest way possible.”
If you think you’re in the know when it comes to pensions, why not put your knowledge to the test with this quickfire pension quiz?