Homeowner Advice

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Could You be Losing Thousands? Here’s How You Can Keep Control of Your Money

24th January 2025

The idea of simply misplacing thousands of pounds sounds stupid, right? Actually, it can be easier than you think. These days, it’s commonplace to change your job several times throughout your career. And with every move, you’ll be placed in a different company pension scheme.

The money placed into each pot is yours. Even if you move jobs again or become self-employed later, the cash in each pension pot you collect will always be yours.

Whilst collecting all this money is great, there is a slight issue. The more pots you collect, the easier it is to lose track of them.

In fact, the Pensions and Lifetime Savings Association reported that a total of £31.1 billion lay in unclaimed pensions in 2024. What’s more, one in ten workers suspected they had lost up to £10,000*.

How can you make sure this doesn’t happen? We’ve teamed up with My Money Expert to help:

Start the search

First things first, it’s important to track down any pension pots you might have. To do this, you can use the Government’s pension tracing tool. All you need to do is enter the name of your previous employers, and the tool will give you the contact details of your workplace pension provider. This will let you contact your pension provider and find out how much you have in your pot.

It might be a bit fiddly, but understanding how much you have across the board will help you understand how much money you have.

Deciding what to do

Once you understand how much you have in all your pensions, you can decide what to do with it. If you’re under 55, you won’t be able to take out your money. However, you can consider moving all your money into one pension pot.

Moving all your money into one place can have many benefits, such as reducing the fees you pay to pension providers, cutting down on admin, and the potential to help your pot grow faster. Research from AJ Bell has found that combining just three pensions could boost your pot by up to £7000.

Where to move your money

Deciding where or not to move some or all of your money can be tricky. After all, moving your money could result in higher exit fees or the loss of some hidden benefits.

This is why speaking to an independent financial adviser before making a final decision is important. They will be able to help you understand if moving some or all of your money into one place is the right option for you.

They can also help you find the right place to move your money (if it is the right option), helping your money work as hard as possible to set you up for the future you want.

Moving your money could be the first positive step in keeping track of your pensions, but it shouldn’t be an option you explore alone. If this is an option you’re considering and you don’t know where to start, why not speak to an adviser today?

*PLSA.com, October 2024

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My Money Expert has been helping the UK to unlock its financial potential since 2010. Rated 5 Stars on Trustpilot, we offer regulated independent financial advice on a variety of areas including investments, ISAs, pension consolidation and retirement planning. We’re proud to be a B Corporation and are committed to doing right by our clients, as well as the wider community.

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Find clear, practical answers to common homeowner advice questions, helping homeowners understand everyday issues, know what checks they can carry out safely, and when it is best to contact a qualified professional.

What home repairs should I never attempt myself?

Gas work - full stop. Any work on gas appliances must be done by a Gas Safe registered engineer by law. Structural changes like removing walls, altering roof timbers, or touching anything load-bearing need professional assessment and often Building Regulations sign-off. Electrical work involving the consumer unit or new circuits must meet Part P. And if your property was built before 2000, be aware asbestos may be present - it can only be handled by a licensed specialist.
Which home improvements add the most value to a property?

Improvements that add usable space or modernise the rooms buyers scrutinise most tend to deliver the strongest returns. Loft conversions consistently top the list - adding a bedroom and bathroom can add more value than the work costs in many areas. Kitchen and bathroom updates are next. Open-plan ground-floor extensions connecting to a kitchen-diner have become one of the most sought-after layouts in UK family homes. And energy improvements - insulation, a new boiler, solar panels - are increasingly influencing buyer decisions as running costs become a bigger part of the conversation.
Should I renovate my home or move house?

There's no universal right answer - it depends on your situation. Moving gets you what you want without living through a building site, but stamp duty, estate agent fees, and moving costs can easily add up to tens of thousands of pounds. Renovating lets you stay put and invest in your own property, but comes with disruption and unexpected costs. The most useful comparison: get a clear view of what your home could realistically be worth after the work, and what a move would actually cost end to end. A local estate agent and a builder's quote can give you those two numbers.
What does a home survey actually cover and do I need one when buying?

A survey is an independent assessment of a property's condition carried out by a qualified surveyor - separate from the mortgage valuation, which only tells the lender what the property is worth, not what's wrong with it. A HomeBuyer Report flags visible defects and anything that needs further investigation. A Full Building Survey goes deeper and is worth the extra cost on older, larger, or unusual properties. Given that a house is likely the biggest purchase you'll ever make, skipping the survey to save a few hundred pounds is a false economy - a single missed issue can cost far more to put right.
What should I do before starting any major home improvement project?

Get your paperwork in order before anyone picks up a tool. Check whether you need planning permission or Building Regulations approval. Find out whether a Party Wall Agreement applies. Confirm your home insurance covers you during the works. Get at least three written quotes and make sure the scope of work is clearly agreed in writing with whoever you hire. And have a contingency budget - on almost any renovation, something unexpected comes up. The projects that go smoothly are usually the ones that were properly planned before they started.
What is the difference between freehold and leasehold and why does it matter for home improvements?

If you own the freehold, you own the property and the land it sits on outright - you can generally do what you like subject to planning rules. If you own a leasehold property (common with flats), you own the right to live there for the remaining lease term, but the freeholder owns the building. This matters for home improvements because many leases require you to get the freeholder's written permission before making alterations - sometimes even internal ones. Always check your lease before starting any work, as doing alterations without the required consent can cause problems when you come to sell.

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