New research highlights barriers to pension consolidation as People’s Pension unveils digital Pension Finder

The UK’s largest commercial master trust, People’s Pension¹ has launched a new free-to-use Pension Finder² service for its seven million members. This comes as new research shows that many savers still struggle to trace or combine their pension pots. 

The YouGov study³, commissioned by People’s Pension, found that while one in five pension savers (20%) have lost track of a pension, only 6% of all pension savers say they have used a free service to find one. Latest figures estimate there were 3.3 million lost pension pots in the UK, believed to be worth up to £31.1 billion⁴. 

With almost half (49%) of savers saying that transferring pensions is scary and 17% of those who have previously combined pensions saying it is nearly impossible to find all the information needed to transfer a pension, the new tool will allow members of People’s Pension to search using the name of a previous employer or provider. This removes the need to find policy numbers or contact past schemes – a key reason members drop out of the transfer process. 

Developed in partnership with Pension Lab⁵, the service automates the retrieval of policy details and brings together fund and charge data so members can compare pensions and understand potential long-term outcomes. It sits within members’ online accounts and integrates seamlessly with existing transfer tools⁶. Crucially, the new tool includes a deliberate pause before any transfer takes place, giving members time to review all the information, consider guidance and make an informed choice. 

With 53% admitting they don’t really understand how pension transfers work, and 89% agreeing that more should be done to protect people from transferring into pensions that might leave them worse off, Pension Finder is designed to remove unwanted friction, allowing members to consolidate pensions easily, in their own time.  

The launch builds on the scheme’s wider programme to improve the transfer journey, following the introduction of the Pension Consolidation Calculator⁷ and Pension Overview webpage⁸.  

Kirsty Ross, Director of Proposition for People’s Pension, said:

“Our research shows that people want the simplicity and ease of keeping their pensions in one place, but too often they find the process too complicated and not transparent enough. Our Pension Finder removes that administrative burden, giving members time and space to think carefully before transferring.  

“We’ve designed it to reflect how people really behave – providing them support at the right time, rather than pushing a transfer before they feel fully prepared or ready. It’s about empowering members to make choices based on clear information, not assumptions. For us, this isn’t just a digital upgrade; it’s another step towards a more transparent, supportive pensions experience that genuinely helps people make the right long-term decisions for their future.” 

Scott Phillips, CEO and founder of Pension Lab, added: 

“Our partnership with People’s Pension brings advanced technology and responsible innovation together to tackle one of the biggest barriers to better retirement outcomes – lost or hard-to-find pensions. By embedding our pension-finding and transfer technology directly within the member experience, we’re making it easier for savers to locate their money, understand their options, and complete transfers safely and confidently. It’s a real step forward in helping savers take control of their pensions and make better long-term decisions.” 

David Meliveo, Chief Commercial Officer for People’s Pension, said:

“I’m incredibly excited about the launch of our Pension Finder tool, which will help our members find all their pension pots and give them a better understanding of whether or not they are on track for the retirement they had hoped for.  

“This innovation is the latest that we have launched, and we have many more in the pipeline, which underlines the huge changes in our business over the last two years. It also reinforces our continued commitment to delivering even more value for our existing 100,000 plus employers and allows us to show our intermediary partners how we have repositioned from an auto-enrolment provider into becoming a leading workplace pension provider.”