Martin Lewis has issued a warning to savers after a man discovered £121,000 in separate pension pots he’d forgotten about. The Money Saving Expert warned that others could also be missing out on large lumps of cash if they don’t look into have they have saved over their work life.

The average worker will often jump from company to company over the course of their career. It is estimated that someone has around 11 jobs over the course of their work life, which could mean they end up with multiple small pensions.

With all the switching, moving around and transferring it’s not always easy for people to keep track of all their pension contributions. Martin revealed that money is often left unclaimed. There is currently £27 billion sitting in lost and unclaimed pension pots in the UK.

READ MORE: Martin Lewis issues very depressing pension warning but checking now could save you thousands

Writing in the latest MSE email, Martin said: “Are you one of those with £10,000s hidden? After watching one of my TV shows on lost pensions, Rob got in touch to say he’d checked the free Pension Tracing Service, after it’d triggered a memory of signing up to a long forgotten pension in his first job 30 years ago.

“This helped him locate his old provider, and he found he’d paid in £24,500, and it was now worth £97,000. Gobsmacked, he then checked through his box of old papers, and found another pension from the 1990s he’d paid £600 into, traced it, and was shocked to find it was now worth £24,000.”

Martin added: “This is my long way of saying… it’s worth a check.”

The Pension Tracing Service is a free tool that helps you find any pension pots you may have lost track of. This service won’t tell you whether you have a pension, or what its value is – but it lets you search by employer, and then find pension schemes linked to them.

This information can then be used to track down the relevant contact information, so you can get in touch with the pension provider yourself. The Pension Tracing Service can also be used to find contact details for someone else’s scheme if you have their permission.

For example, if a close relative has died without taking their pension, you may be eligible to their pension cash. You should check their paperwork to see if they had any personal or workplace pension schemes in place. The Pension Tracing Service can only help you find private and workplace pensions – not your state pension. There are over 200,000 pension schemes in the UK.

If you still have old paperwork from a pension scheme, you can just contact the company directly without using the Pension Tracing Service.

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