Moneyfarm has launched a pension finding service to allow new and existing customers to locate their lost or old pension schemes.
Giovanni Daprà, founder and CEO of Moneyfarm said: "Staying on top of pensions has never been more crucial, and one of the simplest and most efficient strategies is to consolidate old pensions into a single, personalised plan.
“The launch of the Find, Check & Transfer Service marks a significant milestone in Moneyfarm’s journey."
He said it showcases the integration of Profile Pensions, which it bought in December 2022.
In 2022, figures from the Pensions Policy Institute showed a total of £26.6bn in lost pensions were recorded across the UK, up from £19.4bn in 2018.
This is thought to impact around 2.8mn Brits, with each lost pot averaging around £9,500.
Moneyfarm said its new service allows investors to "make their money work harder" by finding lost pensions which can be consolidated into one new personalised plan.
As part of the service, pensions transferred will be checked for any benefits that may be lost such as guaranteed tax-free cash or penalties that may be incurred before the transfer is made.
Stephen Mark Jones, product manager at Moneyfarm, added: "This tool simplifies the admin-heavy task of helping individuals reconnect with their lost pension pots, ensuring they can make informed decisions about their retirement planning.
"Despite the substantial sums at stake, only 4 per cent of people instinctively inform their pension provider when they change address, compared to 66 per cent who notify their bank and 89 per cent who update their GP or dentist.
"These figures underscore the systemic issues within the UK pension market, highlighting our mission to help individuals reclaim their pensions and plan their financial futures effectively."
The firm said a team of consultants are able to personalise investments made with the lost pensions into different investing strategies.
tara.o'connor@ft.com
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