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I found £60k in lost pension cash and it’s transformed my quality of life – check if you’re one of millions missing out

HOSPITALITY worker James Wells couldn’t believe his luck when he stumbled upon a small fortune in forgotten pension pots.

The 47-year-old figured he must have retirement savings somewhere he had forgotten about, but he could never have anticipated unearthing four different pots of cash each worth tens of thousands.

a man taking a picture in front of the book of mormon
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James Wells stumbled upon £60,000 in lost pension pots[/caption]

James had hopped between hospitality jobs for his whole career, meaning he often switched pensions and had lost track of some along the way.

Last year, the dad-of-two had been thinking it was high time he got started getting his retirement savings in order when he stumbled across the app Penny, which traces your old pots for you.

James, who lives near Swindon, admitted: “I’ve moved around companies quite a bit, and I just lost track of my pension savings.

“I think I found Penny through Martin LewisMoney Saving Expert or maybe even Twitter. It just caught my eye.”

The app, designed to help people consolidate their pension pots, proved to be a game-changer for James.

“I wasn’t particularly looking for it, but when I saw it, I thought, ‘I don’t really know how many pensions I’ve got,’ so I decided to give it a go,” he said.

James soon discovered four different pension pots dating back to 2003, including three with Aviva and one with a firm called Nest.

They all varied by amounts, ranging from £2,000 to a whopping £48,000.

“I was aware of definitely one of them, but I had moved and not changed addresses with the pension providers, so I stopped getting communications from them,” he explained.

James, who started paying into his first pension at 24, had a gap in contributions while he focused on buying a house.

He resumed pension payments at age 30 and has been more diligent with them ever since.

“I never really paid attention to my pensions before, but something triggered recently, and I thought I should find out exactly how much I’ve got.”

The missing pensions problem

James is one of millions of savers estimated to have lost track of old pension pots worth thousands of pounds.

Research earlier this year by provider PensionBee found one in 10 workers – equivalent to more than three million people – believe they’ve lost a pot worth £10,000 or more.

Around £50billion worth of savings is estimated to be “missing” in total.

How James tracked down his old pots

The process was surprisingly straightforward, James told The Sun.

“I put in my personal details, past addresses, and the companies I’d worked for and Penny did the groundwork.”

Within weeks, the app had tracked down all his pensions from past jobs, and James couldn’t believe it.

“Now I can see exactly how much I’ve got and whether they’re going up or down. It’s nice to finally be on top of my pensions,” James said.

You can download the Penny app via your phone’s app store.

What is pensions auto-enrolment?

HERE's what you need to know about pensions auto-enrolment:

What is pension auto-enrolment? 

Since October 2012, employers have had to enrol their staff into workplace pension schemes as part of a government initiative to get people to save more for retirement.

When does auto-enrolment apply? 

You will be automatically enrolled into your work’s pension scheme if you meet the following criteria:

  • You aren’t already in a qualifying workplace scheme.
  • You are aged at least 22.
  • You are below state pension age.
  • You earn more than £10,000 a year
  • You work in the UK.

How much do I contribute? 

There are minimum contributions that you and your employer must pay.

Your minimum contribution applies to anything you earn over £6,240 up to a limit of £50,270 in the current tax year. This includes overtime and bonus payments.

A minimum of 8% must be paid into the pension, with you contributing 5% and your employer paying at least 3%.

What if I have more than one job? 

For people with more than one job, each job is treated separately for automatic enrolment purposes. 

Each of your employers will check whether you’re eligible to join their pension scheme. If you are, then you’ll be automatically enrolled in that employer’s workplace pension scheme.

Can I opt out?

You can choose to opt out, but you’ll miss out on the contributions from the government and from your employer. If you do choose to opt out you can opt back in later.

How it has helped with his retirement

James is realistic about his retirement plans, but he said this uplift will definitely change his quality of life.

“I think I’ll be working until I’m around 68 or 69 – I might not do the same job and might get paid less, but I’ll definitely be working until government retirement age,” he said.

While it’s not a huge windfall, it’s certainly a boost that will help his quality of life when he retires.

“I think it’s going to boost my government pension and give me an extra however many hundred pounds a month extra, which will certainly help with my quality of life going forward when I retire,” James explained.

James also has other savings, including ISAs for a rainy day, but he finds the Penny app particularly user-friendly.

“The process was very easy. It might have taken me 20 minutes to do, and I didn’t have to write to or phone anybody,” he said.

For those still searching for lost pensions, James has some advice: “Having them all in one place is helpful. Plus if you’re going to change addresses, it’s easier to let one company know rather than four. Plus, you save on fees.”

How does Penny work?

Penny tracks down your pension pots after you provide it with your NI number and any details you have about your old jobs such as the name of your employer, the dates you worked and the name of your pension provider, if you have it.

It automatically combines them into one new pot, which you can view via a dashboard on the app.

The app charges a 0.75% fee for managing your pension but doesn’t charge any extra fees unless you choose to put your money in an “ethical fund”, in which case the charge is 0.78%.

If you decide to go down the route of tracking your old pensions and combining them into a new pot, make sure to ask whether you would be giving up any benefits by doing so.

Some pensions come with valuable benefits attached, such as a guaranteed income or a protected pension age of 55.

How to maximise your pension

By Ellie Smitherman, Senior Consumer Reporter at The Sun.

Pensions can be pretty confusing, and it can be hard to know if you’re doing the right thing.

There are several things you can do to make sure you’re putting away as much as possible for retirement:

Find out what you’ve got

Before you consider your plans for tomorrow, you’ll need to understand where you stand today.

Make sure you track down all of your workplace pension pots too, pension providers tend to send annual statements by post which you can use to find any crucial contact details.

Once you have found all the relevant information you can then contact the pension provider and ask if they have any information about your pension pot and its value.

If you have no luck using this method because you’ve lost previous statements or haven’t received any because you’ve moved house, it’s worth using the Government’s Pension Tracing Service or apps like Penny.

Put them all together to save cash

If you have several workplace pensions that you’re no longer paying into, you might be better off consolidating them into a single pot.

There are several advantages to this, including that by having your savings all in one place, you’ll only pay one set of fees.

You can also choose which pension provider you want to transfer the different savings to, so you can pick the best one for you.

It also makes it easier to keep track of your money, and see how each pension is performing – then you’ll have a good idea

Planning ahead

Financial providers Aviva and Royal London have tools that give you an idea of what your retirement income will be based on how much you’re saving.

Your current employer’s scheme should also be able to give you an idea of what you have and how to project this to your retirement age.

Many employers offer sessions with financial advisers to help you plan for your future retirement.

Increase where you can

The most obvious way to increase your savings pot is to save more. The earlier you start paying money into your pension, the more cash you’ll have in the long run.

Pension expert at insurer Aviva, Alistair McQueen recommends saving at least 12% of your earnings into a pension.

If you’ve left it relatively late to pay into savings it’s a good idea to ramp up efforts.

If you can afford to save more, it definitely pays to do so.

Often workplace schemes will match employee contributions in effect giving you free cash to put towards your retirement – the more money you put in, the more you’ll also get from your employer.

Invest in the right funds

Pension cash is invested by your pension firm. Under a workplace pension money is typically funnelled into a ‘one size fits all’ default fund.

However, if you’re younger you can generally afford to take more risk with your investments. The theory is that you may have some bigger short-term losses but these should be balanced out by bigger gains over time.

Or someone older may want to switch to very low-risk options.

Managing investments is an intimidating task, but even just checking in with your pension performance each year should give you an idea of what your hard-earned savings are doing.

You can speak to a financial adviser about your options if you are not happy and thinking about switching out of a default fund.

Other ways to track down your pensions

There are other services you can use to track down a lost pension, including the Government’s online Pension Tracing Service.

The service is free to use, but only tells you the contact details of your pension provider and doesn’t let you combine and manage pots like Penny.

Pension firm AJ Bell also has a service to locate old pensions and lets you combine them into one pot like Penny.

It takes around four to six weeks to find your pensions.

It is free to use AJ Bell’s pension tracing service, but it will charge you to manage your single pot – depending on what pension you take up, you are charged an up to 0.6% fee.

You could also try ringing your old employers’ HR department to ask for the details of your old pensions.

Provide information like the dates you were employed, as well as your National Insurance number.

Once you have found your old pensions, it may be worth consolidating them into one place so you can keep track of them more easily in future.

Putting all your money into one modern pension scheme could also mean you pay less in fees.

But check with your scheme you won’t lose any valuable benefits by transferring first.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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BBC Breakfast in shock presenter line-up change as Charlie Stayt ‘replaced’

BBC Breakfast fans faced a switch-up as they tuned in to Saturday’s show.

Regular viewers of the BBC One show – which runs from 6am until 10am every Saturday – are ordinarily greeted by Naga Munchetty, 49, and Charlie Stayt, 62, on the programme’s red sofa.

a man and a woman stand in front of a bbc breakfast sign
PA
BBC Breakfast viewers were left shocked by a presenter shake-up on Saturday[/caption]
a woman stands in front of a row of police cars
BBC
Naga Munchetty was at the helm on Saturday’s episode[/caption]
a man and a woman sit in front of a sign that says liberal
BBC
Naga was joined by Ben Thompson on the programme’s iconic red sofa[/caption]
a man and a woman sit in front of a sign that says liberal
BBC
The pair talked about issues including the start of the Lib Dem Party Conference[/caption]

Yet as the episode opened Charlie, who had featured on Friday’s episode, appeared to have been “replaced.”

Instead, it was popular BBC Breakfast anchor Ben Thompson, 43, who was at the helm with Naga.

They discussed issues including the start of the Lib Dem party conference as well as analysing the impact of changes to the Winter Fuel Allowance.

The change came after Naga and Charlie’s regular co-star also disappeared from screen last week.

Carol Kirwood was nowhere to be seen last with – with her weather presenter colleague Matt Taylor forced to step in.

Meanwhile, as well as juggling her Saturday shifts, we reported how Naga was juggling both health battles and a new job with her regular role.

She has bagged a presenter role on the podcast Must Watch.

Must Watch is a Radio 5 podcast starring TV critic and broadcaster Scott Bryan, writer Hayley Campbell and presenter Nihal Arthanayake.

Scott took to X – formerly known as Twitter – to share the news that Naga will be joining their show as their new co-host, replacing Nihal.

He wrote: “Must Watch is back from next Monday at a new time, with a new host.

“Naga Munchetty will be with Hayley and I every Monday taking us through the best (and worst) on television.

“We’ll also be on at a new time, 1pm on Mondays. The podcast is also out each week.”

Scott added: “Just want to thank Nihal for the past five years.

Who are the current presenters of BBC Breakfast?

The flagship BBC show has had dozens of presenters during its impressive 40 years on air but the current stars are:

Jon Kay – Since 2022

Sally Nugent – Since 2021

Charlie Stayt – Since 2006

Naga Munchetty – Since 2014

Carol Kirkwood – Since 1997

“We will really miss being with you on the air every week. It has been bloody smashing.”

Meanwhile, golf-lover Naga’s health crisis was recently put under the spotlight.

She has been candid about her adenomyosis diagnosis after being forced to take some time off from her hosting duties due to her complex condition.

Adenomyosis is a condition that causes the lining of the womb to bury into the muscular wall of the womb.

Naga previously left her BBC Radio 5 Live listeners in shock when she confessed that as a result of her medical condition she was broadcasting to them in crippling pain each day.

Addressing her condition on the airwaves last May, Naga said: “Right now as I sit here talking to you, I am in pain. Constant, nagging pain.”

She then added: “Every so often the pain changes; it becomes a stabbing pain. A pain that takes my breath away and I can do nothing but sit with it for a minute or curl up to cope.”

Naga went public with her condition after being diagnosed by a private doctor.

a woman wearing pink glasses and a black top is laughing and the time is 07:53
BBC
Naga recently bagged a new role away from the BBC Breakfast sofa[/caption]
a woman in a black dress is smiling in front of a sign that says lloyds banking group
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Naga has been open about her health battles[/caption]

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Misfits Boxing 18 – Elle Brooke vs Jenny Savage: Date, start time, live stream, TV channel, full card for Newcastle show

MISFITS Boxing returns to Newcastle for a stacked card TONIGHT!

And Elle Brooke puts her MFB middleweight world title on the line in the main event against bare knuckle star Jenny “The Tennessee Gangster” Savage.

a poster for the elle brooke vs. jenny savage pro tournament
Brooke vs Savage headlines a big show in Newcastle

The last Misfits Boxing show saw YouTuber Danny Aarons and Premier League-winning footballer Danny Simpson battle to a thrilling split draw after four rounds.

Simpson – who won the title with Leicester City in 2016 – took the fight on four week’s notice and both stars called for a rematch after the controversial decision was read.

This time round, Onlyfans star Brooke returns to defend her Misfits Boxing middleweight title.

Brooke was last in action in May against MMA star Paige VanZant, in a fight which controversially ended in a draw despite Brooke dropping VanZant in the first round.

Though in the way in Newcastle is bare knuckle star Savage in what is expected to be Brooke’s toughest challenge yet.

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When is Misfits Boxing 18?

Misfits Boxing 18 takes place on Saturday, September 14.

The event starts at 7pm with the main event of Brooke vs Savage expected at around 10.30pm.

The Vertu Motors Arena in Newcastle plays host.

a woman wearing a pair of fly boxing gloves hugging another woman
Elle Brooke and boxing mentor Ebanie Bridges
Getty

What is the full Misfits Boxing 18 card?

A huge card in Newcastle also sees the inaugural Stake Pro tournament featuring Chris Avila, Benson Henderson, Idris Virgo and Fes Batista.

The fighters will have their semi-finals and then the final all in the same night in the North East.

  • Elle Brooke (c) vs Jenny Savage (MFB middleweight championship)
  • Jully Poca (c) vs Crystal Pittman (MFB cruiserweight championship)
  • Stake Pro tournament final
  • Chris Avila vs Benson Henderson (Stake Pro tournament semi-final)
  • Idris Virgo vs Fes Batista (Stake Pro tournament semi-final)
  • Anthony Taylor vs Nahom Wedi
  • Joey Knight vs Lil Cracra
  • Ashley Rak-Su vs Tristan Hamm
  • George Stokey vs Lewis Bowden
  • Misfits Kick-offs
  • Nikki Hru (c) vs Carla Jade (MFB women’s lightweight championship)
  • Big Tobz vs Kelz

How can I watch Misfits Boxing 18?

Misfits Boxing 18 will be broadcast live on DAZN.

The kick-off show will be live on DAZN’s YouTube channel beforehand from 6pm BST.

What has been said?

Co-president of Misfits Boxing, Kalle Sauerland, said: “Elle Brooke will show, yet again, how fearless she is in the massive main event against Jenny Savage, which headlines an undercard that is over-flowing with huge match-ups.

“We’re bringing you two more female title showdowns plus it’s all about the last man standing in the first ever Stake Pro Tournament, featuring four big-hitting light heavyweights.”

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Home Automation: Convenience at Your Fingertips

Vics Air Conditioning smart home automation blog
The concept of home automation has revolutionised modern living, making it possible to control various household systems and devices remotely with ease and efficiency. This technology, often referred to as smart home technology, has become increasingly popular due to its convenience and the ability to optimise energy consumption.  By integrating electrical instruments and devices into […]

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