Thousands find lost pensions through Pension Tracing Service

Thousands of people have reclaimed their lost pensions through a tracing service launched by the government. The Pension Tracing Service (PTS) has helped over 350,000 in its five year history and assisted a fifth in finding their lost pensions, according to a recent survey. Roughly 7% of people who used the service received a massive lump sum of more than £20,000 and about 5% received a weekly figure of over £100.At the lower end of the scale, the average person received a lump sum of £1,900 or £16 a week. Over 60% of the participants in the survey said they had lost track of their pension after changing jobs. Others said a change of address or an employer name change had led to confusion.