More than a quarter of workers aged between 45 and 54 have built up three or more pensions after moving jobs several times in their career.
Half have no idea how much they have invested, according to research from Portus Consulting.
Commercial director Steve Watson said this makes it more difficult for employers to keep track of their pots and be certain what their retirement savings are worth: “Too many are in the dark about their retirement funds.”
Some could simplify their savings and cut charges by consolidating all their pensions into a single pot, but many will find it too confusing.
“To make that judgment people need to be fully informed about how much they actually have,” Watson added.
The money gym guidance service from Portus helps savers keep track of multiple funds, while the Department of Work and Pensions (DWP) can help you unearth lost company pensions, even if your former employer has gone out of business.
Search online at gov.uk/find-pensioncontact-details, call 0345 6002537 or send your details to The Pension Service 9, Mail Handling Site A, Wolverhampton WV98 1L.
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