Calls to the government’s pension tracing service rose by 58 per cent in the year to 30 September 2025, as savers increasingly sought to track down old or lost pension pots, analysis from Lubbock Fine has revealed.

According to the research, the number of phone calls received by the government helpline increased from 43,614 to 68,709 over the period.

The firm said the sharp rise suggested more people were seeking to trace their pensions to maximise retirement savings amid ongoing cost-of-living pressures.

More than 993,000 people have used the government’s free pension tracing service since May 2024.

Lubbock Fine Wealth Management director, Andrew Tricker, said that the increase reflected greater engagement from savers.

“People are increasingly taking the initiative to trace their pension pots, as evidenced by the sharp rise in calls to the Pension Tracing Service over the past year,” he stated.

Tricker explained that with individuals moving jobs more frequently than in previous decades, it had become easier to lose track of accumulated pension pots, particularly since the introduction of automatic enrolment.

For those who locate multiple pots, consolidation could potentially reduce overall fees, streamline administration and improve investment oversight.

In some cases, savers may also discover that older pots are invested in default strategies with risk levels that no longer align with their current risk appetite.

“For someone who has had multiple jobs over the last decade, the potential to lose pensions worth tens of thousands increases," continued Tricker.

"Pension tracing and consolidation offers significant benefits, such as lower fees, simpler management and more efficient investment."

However, he cautioned that consolidation was not always the right course of action and stressed the importance of seeking professional advice before transferring benefits.

One of the key risks is the potential loss of valuable legacy features attached to older schemes.

These may include enhanced tax-free cash entitlements or guaranteed pension benefits.

Other features that could be forfeited on transfer include embedded life cover or specific tax advantages within certain occupational schemes, and savers may also face exit or transfer fees.

“Pension consolidation can offer significant benefits, but it can also be complex, particularly when older pension plans are involved. Taking advice now ensures people are making the right move,” Tricker concluded.

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