Jarvis releases free pension tracing tool to help recover lost funds
Jarvis, a pension fintech that empowers employees to actively plan for their retirement, has launched a free pensions tracing tool to help individuals recover lost or forgotten money from previous roles – offering a potential lifeline to the 3.3 million unclaimed pension pots in the UK.
With £31.1 billion worth of pension assets currently sitting in lost pension pots, each averaging £9,470 and up to £13,620 for those nearing retirement, millions of workers risk retiring with less money than they are entitled to. Jarvis’ pension tracing aims to close this gap by helping individuals locate pension pots they may have accumulated throughout their working lives.
As the cost-of-living crisis intensifies, government support declines, and the ever-changing global macroeconomic climate continues, UK workers are increasingly anxious about their financial futures. More than half fear they’ll never be able to retire and the situation is especially dire among lower earners – 65% of those paid below the real Living Wage say retirement feels out of reach, compared to 47% of high earners.
By gathering standard personal details and employment information, a process that takes users 5 minutes, Jarvis’ pension tracing tool matches user input with existing pension records, dating as far back as 1990, to combine pots of cash into one account. Within 4-6 weeks, Jarvis’ free pension tracing tool can provide users with an account that can not only find and consolidate their money but also make informed decisions about how to use the recovered savings.
Royden Greaves, CEO and Founder of Jarvis, said: “With the world going through an unprecedented economic shift, gaining clarity on the money at your disposal is of the utmost importance. The money you have for retirement determines your future lifestyle, yet many don’t realise they are missing out on funds they rightfully own. By consolidating pension pots, Jarvis enables users to understand the impact of these additional funds on their retirement profile, empowering people with the knowledge that they can pursue financial freedom after a lifetime of hard work.”
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