Employers are being encouraged to take part in the #GreatPensionTreasureHunt, a free initiative to empower their workers by using communication tools to find hidden pension savings which is targeting the 25% of employees seeking cost-of-living support, as part of National Pension Tracing Day.
Taking place on 29 October, the day is a cross-industry campaign created by Punter Southall and backed by Aegon, Aviva, Hargreaves Lansdown, Legal & General, Royal London, Scottish Widows, Smart Pension Standard Life and The People’s Pension.
The campaign urges individuals to look for pensions they might have overlooked or misplaced in the hopes of finding thousands of pounds.
According to Ciphr research, the ongoing cost-of-living crisis is now affecting a larger percentage of workers, with two out of every five working overtime, more people having trouble paying their bills or buying food, and fewer being able to afford to take sick days.
The poll found that many people have resorted to their employer for further cost-of-living assistance, with more than a third (36%) of men, and a quarter (26%) of women, having recently asked for a wage increase.
According to data conducted last year, the amount of money sitting in pots has increased by almost a third to about £27bn since 2018, when it was £19bn.
Punter Southall company director Alan Morahan said: “We’re asking employers to get on board and join our mission to reunite people with pensions they may have lost contact with, which often happens as a result of moving house or changing jobs.
“It couldn’t be easier. Our step-by-step guide on the campaign website shows how, in a few clicks or a phone call, employees could have found lost pensions, potentially worth thousands of pounds.
“We’ve also created a free communications toolkit for employers to spread the word. The suite of communications can be used as a whole or individually and includes workplace posters, intranet adverts and videos, plus a ready-made email campaign.
“As the cost-of-living continues to bite encouraging employees to join in could be one of the easiest ways to support staff right now and help them find free money.”