Figures released this morning have shown the number of people trying to hunt down lost pensions has more than tripled over the last decade.
A freedom of information request by LV= Retirement Solutions yielded the statistics, which demonstrated that the number of enquiries received by the Pension Tracing Service has increased by almost 250% since 2005.

John Perks, managing director of LV= Retirement Solutions, said: “With today’s workers likely to take up roles at numerous employers throughout their lives, many could find themselves missing out on a substantial amount of pension savings if they lose track of their pots.”

He warned that the number of misplaced pensions could worsen as today’s workforce becomes increasingly transient.

Today’s average worker could expect to take nine jobs over their lifetime which is twice as many as the previous generation, said LV=.

Today’s workers have, on average, two workplace pensions but one in five (20%) have already saved into three or more workplace pensions since entering employment, the company said.

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Less than one in three of those workers with multiple pots have chosen to combine all their savings into one.

Mr Perks said: “Although people don’t lose the right to claim their pension if they move jobs, it is worth considering whether it makes sense for them to put all their funds into one place.

“This removes the chance of someone forgetting or losing track of a pension pot they have saved into and may reduce the charges they pay on their savings. It could also improve workers’ awareness of the value of their pensions so they are able to make the most of it when they come to retirement.”

LV= research also found that one in ten workers look set to miss out on pension savings because they incorrectly believe that if they leave a job they can no longer claim the savings they made into their pension whilst in at the company. The number of workers who believe this misconception rises to one in five (21%) for those aged 18-34.

Four in ten workers (41%) with multiple pensions said that they aren’t aware of the value of their funds.