A woman from Newcastle-under-Lyne has shared her delight after discovering a forgotten pension pot worth £17,000.
Karen Wright, 55, a social work team manager, found the money through an app called Gretel after hearing about the service from financial journalist Martin Lewis. Gretel is a financial platform that helps people trace lost accounts. She told Express.co.uk: “I was watching Martin Lewis on TikTok one evening and I just thought, you know what, I’m just going to give it a go.”
Ms Wright remembered that before beginning her career in social work, she had worked in the pottery banks after leaving school, paying into a Pearl Insurance pension.
She told Express.co.uk: “I was pretty sure I had an old pension from then, but I couldn’t remember whether I’d closed it down. That’s why I did the search, just to see if it was still alive.”
After uploading her details to Gretel, she was quickly notified of a match. She said: “Within two days, the app told me there was an old pension, now with Phoenix Life.
“They gave me all the details — even a policy number and who to contact. I rang Phoenix Life the same day and they told me yes, they’d lost track of me and I still had £17,000 sitting there.”
Because Ms Wright is over 55, she was able to access the funds after confirming the details. Following deductions for tax, around £13,000 was transferred to her bank account within two weeks.
She said: “It was really quite pleasant. I’ve always wanted to have my garden done, but it’s such a big job and I’ve never quite been able to save enough. So when they confirmed I could take the money, I can’t tell you — it brought tears to my eyes. I was absolutely elated.”
The discovery, she said, has provided not just financial relief but also a much-needed emotional lift.
She said: “I’m a woman living on my own with my son, and things aren’t always easy. The bills go up, and the cost of living makes things harder. And then a break comes where I least expected it. It really has put a smile on my face.”
Ms Wright has already booked the garden work to be completed this November, seeing it as a lasting investment as well as a treat.
She said: “It puts value on my house, so it’s not like just wasting the money. It’s doing something that benefits me in the long run.”
Reflecting on the experience, she praised Gretel for making the process straightforward. She said, “It was just so easy. You upload your details, and they check for you. Everyone has apps on their phones, and it really was as simple as that.”
She added that Martin Lewis also deserved credit for highlighting the service. She said: “He strives to find things that make this cost-of-living crisis easier for people, and he deserves a shoutout for that. We need that in today’s society.”
Billions of pounds are lying in forgotten pensions across the UK, with experts warning millions of workers could be missing out on savings they’re entitled to.
Research by Gretel suggests nearly £65billion is currently tied up in dormant or unclaimed pensions.
Duncan Stevens, chief executive of Gretel, said: “Unfortunately, it’s all too easy to become disconnected from a pension scheme. Few of us have a job for life now, which means it’s far more likely for pension pots to quickly become lost or classed as dormant.”
Frequent job changes are one key reason behind the problem. Gretel’s data showed that one in five people in the UK has changed jobs between four and seven times, while a further 10% have switched roles more than eight times.
Each time someone moves to a new employer, their old pension pot is usually left behind. Without good records or consolidation, it can be forgotten.
Dean Butler, a managing director at Standard Life, added: “Because many people change jobs several times during their career, it’s common to have multiple pension pots.
“Tracking them all down — and deciding whether to combine them — can make it easier to manage your retirement planning. A pension tracing tool can help you locate any pots you’ve lost track of.”
The Government also offers a free Pension Tracing Service, which can help savers check whether they have pensions waiting to be claimed.
Experts recommend that anyone who has moved jobs or changed address several times take time to investigate, as they could be sitting on thousands of pounds without realising it.
Mr Butler added: “ Speak to a financial adviser before making big decisions, or ask your provider to clarify your options.”