A survey of 1,000 people carried out for HL by Opinium in April found that 35% of the under 35s already have three or more pensions and could have several more by the time they retire.

In contrast, only 23% of people aged between 55-64 have three or more pensions and 44% of people overall have just one pension. 

HL says that having multiple pensions can make it more difficult to keep track of retirement plans and some people risk losing track of one or more pensions.

It believes the government’s forthcoming Pensions Dashboards could help keep track of plans but pension consolidation may also be an option for some although it adds that people should get financial advice before choosing this option to avoid potentially losing valuable benefits.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said that losing track of pensions risks “derailing” retirement planning.

She said: "A combination of job hopping and moving home means there’s a high likelihood people could lose sight of a pension plan.

“The average person is expected to have 11 different jobs in their career and with auto-enrolment in play you could get a pension in every one of them. Our research shows over a third of under 35s already have three or more pensions. By the time they have retired they will likely have accumulated several more.”

She said that the DWP has already said that the issue of multiple pensions could result in up to 50m lost pensions by 2050. 

HL has recommended clients use the government’s Pension Tracing Service to see if they have any lost pensions  Find pension contact details - GOV.UK (www.gov.uk)