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Scottish Widows to launch pension tracing tool

The new tracing tool, developed with The Pension Lab, will help people track down lost pension pots from old employers and, if they want, merge their pension plans. 

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Scottish Widows will launch a new tool in its app to help people track down lost pension pots from old employers and, if they want, merge their pension plans. 

The new service is being rolled out as the app reached one million users since launch.

Since a redesign in 2024, the app has handled more than £1.2bn in pension consolidations.

It is estimated there are 3.3 million lost pension pots in the UK, worth around £31.1bn. 

The new tracing tool, developed with The Pension Lab, gives users a three-step process in the app. 

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Once logged in, customers enter their national insurance number and, if known, details about previous employers and pension providers. 

They then sign a digital letter of authority allowing The Pension Lab to contact providers on their behalf.

Scottish Widows has also launched a new game called ‘Ace the Trace’ to encourage more people, especially younger savers, to engage with their pensions. 

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This is the latest in a series of games designed to make pensions and financial products easier to understand.

Chira Barua, CEO at Scottish Widows, said: “Too many people are going into later life without a clear picture of what they have saved, simply because their pensions are scattered across different jobs and providers. 

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“With millions of pots sitting unclaimed across the UK, helping people reconnect with their savings is an important first step in improving retirement outcomes.

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“We’ve made pension tracing simple and accessible, to make bringing pensions together in one place as easy as possible so that people can properly understand their future finances and take control of them.”

Barua added: “Reaching one million app users is a clear signal that customers want straightforward, digital ways to manage their money, and we’re continuing to invest in digital and AI tools that remove friction and make pensions easier to engage with. 

“By combining innovation with practical support, we’re helping more people turn good intentions into meaningful action.”

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