Do You Have Forgotten Pensions Hiding in Your Past? Why January Is the Time to Find Them
Every year, thousands of people rediscover forgotten pensions. These are sometimes described as dead pensions. They are not dead in value, only in visibility. January is the ideal moment to locate these older pots, understand what they contain and build a more accurate picture of your long-term retirement planning.
Recent data on pension ownership show that a significant proportion of adults hold multiple or unmonitored pensions, often without realising it1. This illustrates how common the issue has become, especially for those with varied career histories.
As career paths become more varied, it is increasingly common to have multiple pensions across different employers. Some may contain benefits or values you were unaware of. Others may require review due to the investment approach or charging structure. Leaving them unmanaged can weaken your retirement strategy without you realising.
What Counts as a Dead Pension?
A dead pension is any pension you no longer monitor. These often arise from:
- Early career roles
- Older workplace pension schemes
- Schemes that have merged or changed provider
- Periods of employment before auto enrolment standardised processes
They may still be growing or may be sitting in inactive or outdated arrangements.
Why January Is the Best Time To Review Them
January is the month when people organise paperwork, review statements and take stock of their financial position. This makes it the most useful time to locate and assess dead pensions.
Current research into retirement saving behaviours reveals that people who review their pensions earlier in the year tend to build stronger long-term plans and show better engagement with retirement strategy overall2.
A January review can help you:
- Understand the current value of each pot
- Review charges and historical performance
- Update personal details or beneficiaries
- Spot opportunities for pension reviews
- Ensure your retirement strategy reflects the full picture
Analyses of retirement wealth trends also show that unmanaged or forgotten pots can significantly distort an individual's understanding of their retirement readiness3.
What You Can Do Once You Locate Them
Once a forgotten pot has been found, several options are normally available:
Leave the pot where it is
If the scheme offers good value and useful benefits.
Review pensions
This may improve management, reduce administrative burden and provide a clearer overview of retirement planning.
Update the investment strategy
Older schemes may be invested in approaches that no longer align with your risk profile or long term objectives.
Understanding these choices in detail is essential before making changes.
How a Financial Adviser Supports This Process
A financial adviser can assist with identifying pensions through provider searches and scheme checks. They can then explain the benefits, risks and options available. This support is particularly valuable where older schemes may carry unique features or where benefits could be lost through transfer.
An adviser can also help you review each pension based on your long term aims.
January is the ideal moment to bring clarity to your pension history. Understanding every pot gives you more control over your financial future.
A new year invites a new plan. Reviewing your pensions now is a strong step toward a more confident retirement strategy.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
References
1Department for Work and Pensions 2025 - Pension Ownership Report 2025.
2Institute for Social Policy 2025 - Retirement Savings Behaviour Study 2025.
3Office for National Statistics 2025 - Retirement Wealth Update May 2025.
Although the content of the article was correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
