The total value of ‘lost’ pension pots is now estimated to be £31.1bn, new data published by the Pensions Policy Institute (PPI) reveals. This has risen by £4.5bn, from £26.6bn in 2022.

Present rules state that anyone with a British 'domicile' has to pay inheritance tax (IHR) on their worldwide wealth even if they spend their retirement, and die, in a foreign country.