State pensioners across the UK are being issued a vital warning to avoid missing out on potential savings and unclaimed funds that could be worth a staggering £13,620. The call to action follows the Labour Party's Autumn Budget, with financial security for retirees coming into sharp focus.
Andrew Byers, a specialist from financial advisory firm SafeKeep, has outlined five crucial steps older people can take to protect and potentially boost their financial health. This guidance is particularly timely with significant changes to pension rules and the state pension on the horizon.
Trace and Digitise to Uncover Lost Thousands
The first and potentially most lucrative step is to track down any forgotten pension pots. Andrew Byers highlights a shocking statistic: there are over 3.3 million unclaimed pension pots in the UK, with an average value of £13,620 for individuals aged between 55 and 75.
"Getting your finances in order could mean uncovering thousands of pounds you didn’t know you had," he advised. The process involves locating old paperwork and ensuring all vital documents are organised and, critically, digitised.
This digital shift is not just about convenience. From April 2027, pensions will be included in inheritance tax calculations. This change means executors, often grieving family members, will bear the legal responsibility for finding all pension assets. Digitising wills, trusts, power of attorney documents, and key records like pension statements and property deeds now can prevent immense stress, costly delays, and thousands in unclaimed funds later.
Check for Unclaimed Premium Bond Prizes
Another major area where money is being left on the table is with Premium Bonds from National Savings and Investments (NS&I). As of September 2025, a remarkable £105 million in Premium Bond prizes remains unclaimed.
"This often happens because records are incomplete or executors are unaware the bonds exist," explained Byers. With an estimated 6.7 million pensioners among the 22.7 million UK adults who hold Premium Bonds, the chance of having an unclaimed prize is significant. Pensioners and their families are urged to check for any outstanding wins.
Utilise Allowances and Prepare for Changes
Byers's other key recommendations include making full use of Inheritance Tax (IHT) allowances, which could save up to £12,000. He also suggests using opportunities like gifting wedding cash, which can reduce a future inheritance tax bill by up to £2,000.
Finally, pensioners should pay close attention to their income thresholds ahead of a confirmed 4.8% rise in the state pension next April. This increase is part of the Triple Lock pledge upheld by the new Labour Party government and the Department for Work and Pensions (DWP). Understanding how this rise interacts with other benefits or tax allowances is essential for effective financial planning.
In summary, proactive organisation and a few simple checks could unlock substantial sums for retirees, providing greater financial security and easing the future burden on their families.
