Many savers are still confused or overwhelmed by the pension tracing and transfer process, research from People's Pension has revealed, with 49 per cent admitting that they find transferring a pension "scary".

The research found that whilst one in five (20 per cent) pension savers have lost track of a pension, barriers to solve this issue remain, with many put off by the current pension transfer process.

Indeed, the survey, conducted by YouGov, found that 53 per cent don’t really understand how pension transfers work, and 17 per cent of those who previously combined pensions said it was nearly impossible to find all the information needed to make the transfer.

Whilst less than a tenth (6 per cent) of savers have used a free service to track down their lost pension, there is support for change, as the vast majority (89 per cent) agree that more should be done to protect people from transferring into pensions that might leave them worse off.

Given the findings, People's Pension launched a new Pension Finder service for its members to help address these concerns, which is designed to remove unwanted friction, allowing members to consolidate pensions easily, in their own time.
 
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 tools.

People's Pension pointed out that, "crucially", the new tool also includes a deliberate pause before any transfer takes place, giving members time to review all the information, consider guidance and make an informed choice.

Commenting on the launch, People's Pension director of proposition, Kirsty Ross, 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.”
 
Adding to this, Pension Lab CEO and founder, Scott Phillips, said: “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.”
 
 

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