Thursday 19 January 2017 2:52 pm

Can you remember all the details? Millions of older pension pots are being lost, research suggests

Millions more Britons may now be saving into pension pots, but over a fifth are losing track of retirement savings as result of holding multiple schemes.

Research by Aegon revealed 62 per cent of people now have more than one pension scheme, usually as a result of changing jobs or employers changing providers.

As British workers will have an average of 11 jobs during their careers, many people have difficulty remembering the details of pension scheme providers stretching back many years.

As a result, the Aegon research suggests more than 6.6m people have misplaced some of their retirement savings.

"Today people have diverse careers often involving multiple jobs with different companies. The introduction of auto-enrolment has also led to more than 7m people saving into a pension and a big increase in total number of pension savers," said Aegon's head of pensions Kate Smith.

As a result, a majority of people now have more than one pension but it’s a concern to find that 21 per cent of these people have lost track of some of their savings.

It’s very hard to plan your retirement without a full view of your savings and it’s important everyone has a clear idea of how much their pension is worth and what their state pension entitlement is likely to be.

Dashboard

Last year, the government unveiled plans for a pensions dashboard in conjunction with 11 pension providers so that the public can monitor retirement savings from a variety of providers and platforms.

A prototype is set to be launched in March but the project is not scheduled to go live until 2019.

“Looking to the future, the launch of a pension dashboard in 2019 should simplify the process of finding lost pensions, and has the additional bonus of seeing all your pensions, including the State pension, in one place. It should also make it simpler to consolidate in future," said Smith.