Millions of Brits could be missing out on a share of £31billion in lost pension pots

A jaw-dropping £31.1billion in pension funds are sitting unclaimed, according to recent figures, and with each misplaced pot averaging a value of £9,469. The Pensions Policy Institute (PPI) has identified about 3.29 million lost pension pots.

The PPI explained that pensions might go astray for several reasons such as switching jobs or moving without updating your contact information with the provider. For those between the ages of 55 and 75, the average forgotten pot is valued at a higher figure of £13,620.

These statistics are part of the narrative propelling the Pension Attention campaign, an initiative spearheaded by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA), ahead of National Pension Tracing Day on Sunday, October 27.

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Chris Blackwood, the spokesperson for the Pension Attention campaign, urged: "If you can do one thing today, visit pensionattention.co.uk and use the pension tracing tools to find any lost pension pots. It only takes a few clicks, and you could substantially add to your pot. Additionally, you could also retrace your career steps, check old papers, look for any gaps in your pension history, and contact your provider to update your contact details."

The total value of unclaimed pension pots in the UK is believed to have skyrocketed by nearly £12 billion since 2018. However, locating this forgotten money might be simpler than you think, reports the Mirror.

The Pension Tracing Service, which is free to use, allows you to search a database of over 200,000 workplace and personal pension schemes. It will only provide you with the contact details of a provider - not the amount you could have in a pension - so you'll need to get in touch with the pension administrator yourself to find out if you have any funds with them.

Alternatively, you can reach out to your employer for the correct details. Pension Wise is a Government service that provides free pension guidance and advice.

The Mirror previously reported on how one mum discovered £48,000 in just one overlooked pension pot. PR director Karin Ridgers, 52, mother to 17 year old son Callum, admitted she was unaware of the amount she had accumulated in workplace pensions over the years.

The Pensions and Lifetime Savings Association (PLSA) published its latest Retirement Living Standards index earlier this year, indicating how much money you require in later life to cover basic expenses, as well as luxuries.

The amount required for a "minimum" standard of living in retirement has risen by 12.5%, from £12,800 to £14,400 for singles, and by 12.6%, from £19,900 to £22,400 for couples. To achieve a "comfortable" retirement, individuals now need £43,100, up 15.5% from £37,300, while couples require £59,000, an increase of 8.3% from the previous £54,500.