If you were expecting a dramatic tale of international pension intrigue, prepare to be mildly disappointed: it turns out most British expats simply forgot where they put their money.
According to a survey released by financial advisory firm deVere Group, 77% of British expatriates have never reviewed their UK pensions. Furthermore, almost half have no idea what those savings are currently worth, and 38% have lost track of several pension pots altogether.
Lost Addresses and Forgotten Pots
The survey, which polled expats who have not yet sought independent financial advice, highlights a few key habits contributing to the paper trail going cold:
- 62% changed their address after leaving the UK without notifying all of their pension providers.
- 6% actually know where all of their workplace and private pensions are currently held.
- 64% plan to draw from their UK pensions within the next decade, including 21% within two years.
Despite these impending retirement dates, fewer than one in ten respondents felt confident that every pension they accumulated was included in their retirement planning.
A Wider Issue
The findings reflect broader national figures from the Pensions Policy Institute, which estimates there are roughly 3.3 million lost pension pots across the UK, collectively holding £31.1 billion. The average lost pot contains £9,470, rising to £13,620 for savers aged 55 to 75.
While unclaimed funds remain invested rather than vanishing outright, unmonitored pots often sit in default investment funds with older fee structures selected decades ago.
With the Department for Work and Pensions estimating that the average worker changes jobs 11 times over a career, misplacing a pension pot is already common—a tendency clearly amplified by moving abroad.
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