The average UK adult believes they have around £13,303 sitting in approximately three ‘lost’ pension plans.
Research by Moneyfarm also found 79 per cent of people did not know how to begin tracking a lost pension down.
The Pensions Policy Institute estimated there were as many 2.8mn lost pension pots worth £26.6bn remaining unclaimed in the UK.
According to the data, 29 per cent of the nation actually have no idea how many pension pots they have.
While 18 per cent were unconcerned because they believed there would be “plenty of time” to track their pots down later in life.
Carina Chambers, pensions technical expert at Moneyfarm said, “Pensions are not easy to keep track of over a lifetime, so it’s quite common for one, if not more to get overlooked and forgotten about, with the average person having three lost pensions containing around £13,000.
“If you are one of these people, then the first thing you need to do is learn how to find lost pensions so as to maximise your savings for retirement. Combining your old pensions could help you streamline your retirement planning and keep your savings on track, but this is something you need to deal with regularly, not just when you’re getting nearer to retirement.”
The research also revealed only 15 per cent of people instinctively informed their pension provider when they changed addresses.
In comparison, 74 per cent notified their bank, 62 percent would inform their doctors, 51 percent their local authority and 50 percent their energy suppliers.
alina.khan@ft.com
