Scottish Widows launches pension tracing tool

The tracing tool on the Scottish Widows app – which now has more than 1 million users – will help people track down unclaimed pots and merge separate pension plans should people wish to. The firm said 3.3 million pension pots are lost in the UK, equivalent to £31.1bn. It added through the tool – produced in collaboration with fintech firm The Pension Lab – customers can input known data such as previous employers, who the pension was with and the years it was active, and are guided through a three-step journey in the app to track down pots. Scottish Widows chief executive Chira Barua ...