Key facts
- Over £2.5 billion in lost and unclaimed financial assets were returned to UK consumers in the first six months of the year.
- The 'Billions 4 Millions' initiative aims to reconnect Brits with lost wealth, with a target of £5 billion.
- JP Morgan, Standard Life, Aviva, and Foresters Financial are among the firms involved in the scheme.
- Pensions represent a significant portion of unclaimed wealth, estimated at £31.1 billion.
- The average amount recovered per customer was £31,647, with the largest recovery exceeding £3.2 million.
Brits have been reconnected with over £2.5 billion in lost and unclaimed financial assets, including pensions, investments, and savings, in the first six months of the year. The initiative, named 'Billions 4 Millions' and spearheaded by lost asset finder Gretel, has surpassed its initial goal and now aims to return £5 billion by the end of 2026.
Firms such as JP Morgan, Standard Life, Aviva, and Foresters Financial are participating in this effort to reunite individuals with their forgotten wealth. On average, customers have recovered £31,647, with one notable recovery involving a protection policy worth over £3.2 million. Gretel estimates that approximately £89 billion is currently sitting in dormant accounts across the UK.
Pensions constitute a substantial portion of this lost wealth, with an estimated £31.1 billion unclaimed, often due to job changes or provider closures. While pensions accounted for 80 percent of the number of wealth reconnections, they represented 38 percent of the total value. In contrast, insurance and protection policies made up a smaller percentage of reconnections (12 percent) but contributed a larger share of the value (60 percent), with an average recovery of £157,754.
Child trust funds also contributed to the recovered assets, accounting for eight percent of returns for individuals born between 2002 and 2011. The initiative's success comes at a time when the government is prioritizing efforts to alleviate the cost of living crisis. Duncan Stevens, founder of Gretel, emphasized the potential for greater impact with broader industry participation, suggesting it could provide significant financial relief without additional taxpayer funding.
Andy Briggs, CEO of Standard Life, highlighted the initiative's importance in tackling the looming retirement crisis and enhancing financial security. He noted that many individuals struggle to keep track of pension savings due to frequent job changes, and reconnecting them with these forgotten assets can significantly improve their retirement outcomes.