Scottish Widows is launching a tool within its app, designed to help people to track down ‘lost pension pots’ from former employers and, if they choose to do so, merge separate pension plans.
The app has overall recorded 1 million registrations since launch, and following its redesign in 2024 it has driven over £1.2bn in in-app pot consolidations.
It’s estimated that there are 3.3 million lost pension pots in the UK, worth a combined total of £31.1bn.
The long proposed Pensions Dashboard is due to launch by the end of this year, and will give access to information on their pension pots through a centralised online portal.
The Scottish Widows application, created in partnership with fintech The Pension Lab, is designed to help find any lost or unclaimed pension pots and decide what to do with them via an easy three-step journey in the app.
Chira Barua, chief executive at Scottish Widows, says: “Too many people are going into later life without a clear picture of what they have saved, simply because their pensions are scattered across different jobs and providers. With millions of pots sitting unclaimed across the UK, helping people reconnect with their savings is an important first step in improving retirement outcomes.”
Scottish Widows has also launched a new game this called ‘Ace the Trace’ to encourage greater engagement with retirement planning.