{
  "id": 2949287,
  "title": "Billions in pensions go missing: JP Morgan and Standard Life reconnect Brits with lost wealth",
  "url": "https://urgent.news/2026/08/24/billions-in-pensions-go-missing-jp-morgan-and-standard-life-reconnect",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-24T05:00:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/billions-in-pensions-go-missing-jp-morgan-and-standard-life-reconnect-brits-with-lost-wealth/"
  },
  "original_language": "en",
  "account": "Over £2 billion in lost wealth was returned to UK savers in the first half of the year by financial firms such as JP Morgan and Standard Life, according to a joint initiative called 'Billions 4 Millions'. The program successfully returned £2.5 billion in lost and unclaimed financial assets, ranging from pensions to investments, savings, and financial protection. On average, customers were reunited with a staggering £31,647, with the largest recovery involving a protection policy worth over £3.2 million.\n\nEstablished by lost asset finder Gretel in January, the scheme initially targeted £1 billion in returns for UK consumers by the end of 2026, but has since raised its goal to £5 billion. Gretel founder Duncan Stevens emphasized that lost assets are often underestimated, stating that they can include pensions, savings, and insurance worth substantial sums. Other firms involved in the initiative include Aviva and Foresters Financial.\n\nGretel estimates that roughly £89 billion is sitting in forgotten or unclaimed accounts, with pensions accounting for approximately £31.1 billion of this unclaimed wealth in the UK, as per the Pensions Policy Institute. Workers often lose track of their pensions upon switching jobs or if their provider closes down. Pensions accounted for 80% of the wealth returned but only 38% of the overall value. Insurance and protection made up 12% of reconnections but roughly 60% in value. The average returned value reached £157,754, with adults born between 2002 and 2011 able to recover child trust funds, accounting for 8% of returns.\n\nThe milestone comes as Prime Minister Andy Burnham focuses on tackling the cost of living crisis, questioning the role of the financial services industry. Stevens noted that reconnecting people with £2.5 billion in six months demonstrates the potential for broader industry participation. Standard Life CEO Andy Briggs highlighted the importance of tracking down lost pension funds in addressing the retirement crisis and building greater financial security. He emphasized that pensions are often one of the most valuable financial assets for individuals, but many lose track of them due to changing jobs and other factors. This initiative provides a practical step towards improving retirement outcomes for many Brits who are currently saving less for their future to afford more pressing needs.",
  "summary": "Over £2bn in lost wealth was returned to savers in the first six months of the year, by firms including JP Morgan and Standard Life who want to reconnect Brits with lost money. The initiative, dubbed ‘Billions 4 Millions, returned £2.5bn in lost and uncliamed financial assets to consumers, spanning pensions, investments, savings and financial [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}