Have you ever wondered what happened to that pension you contributed to in your first job? You're not alone. The Pensions Policy Institute estimates that over £31 billion of pensions in the UK have been forgotten or lost as people change jobs.
The Pensions Dashboard is a government-backed initiative designed to fix exactly that — letting you see all your pensions, including your State Pension, securely in one place online. I feel it's long overdue to be honest, and if like many women you've been meaning to do something about your pension, this will really help.
The problems it solves
Lost pensions
With auto-enrolment meaning most employed people have a workplace pension, and career mobility meaning most of us have several jobs, it's genuinely easy to lose track of old pots. A pension you contributed to in your 20s could have grown significantly by now. A forgotten pot of £100 invested in 2015 could be worth over £300 today thanks to compounding.
Multiple pots, multiple headaches
If you've had several jobs, you likely have several pensions. Managing them all separately is complicated and can be expensive. The dashboard gives you a clear view of everything you have, which makes consolidation decisions much easier.
Hidden fees
Pension providers charge different management fees, and even small differences add up dramatically over decades. A 0.25% difference in annual fees could cost you thousands over 30 years. Seeing everything in one place makes it easier to compare and switch if you're overpaying.
Responsible investment
The dashboard will also show you how your money is being invested and how fund managers are voting on your behalf. If ethical or sustainable investing matters to you, this transparency lets you align your pension with your values.
When is it launching?
The connection process for pension schemes is scheduled to begin in April 2025, with a completion deadline of October 2026. There's no public access date confirmed yet — but that doesn't mean you have to wait.
What you can do right now
Check your State Pension forecast at gov.uk/check-state-pension. Takes five minutes and tells you exactly where you stand.
Gather paperwork from past jobs. Old pension statements, letters from providers, or HR emails are a good starting point.
Contact old employers to get details of any workplace pensions you might have lost track of.
Use the Pension Tracing Service at gov.uk/find-pension-contact-details if you can't remember who your old provider was.
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Photo: JESHOOTS.COM via Unsplash
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