Pension warning issued as average Briton missing £13,000 in 'lost' retirement savings
"Lost" pension pots are reportedly losing pensioners thousands of pounds
GETTY
Analysts are calling on Britons to take action as many are believed to have £13,000 in "lost" pension savings which they do not have access to so, according to Moneyfarm.
Many people have accumulated a small fortune in retirement wealth thanks to workplace and private pension plans.
Based on the investment advisor's research, the average person in the UK estimates they have around £13,303 sitting across around three "lost" pension plans.
Notably, 79 per cent admit that they do not know how to begin tracking down a pension that is missing.
Due to this, 27 per cent of respondents to Moneyfarm's poll feel worried and frustrated.
Some 18 per cent share that they are not concerned as they believe there is still time to make up the difference for their retirement.
Do you have a money story you’d like to share? Get in touch by emailing money@gbnews.uk.
"Lost" pension pots are huting Britons' retirement GETTY Usually, yearly statements from workplace and private pension providers are issued.
However, if someone moves house and they do not update their pension provider, statements can easily go missing.
This, coupled with the number of jobs we hold over a lifetime are the main reasons people lose track of old pensions.
According to Moneyfarm, it is harder for people to keep on top of the administrative responsibilities of having multiple pensions.
Carina Chambers, pensions technical expert at Moneyfarm, emphasised the difficulty many people have in keeping on top of their retirement finances.
She explained: "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 pension expert broke down what people need to have on them to help find any "lost" pension pots from their past.
Chambers added: "You will need to be armed with as much information as possible such as your National Insurance number, date of birth, pension plan number and employment dates.
LATEST DEVELOPMENTS:
Moneyfarm's online tool can help savers track down their pensions
GETTY"You then have the option of trying to track down your pensions on your own or through the Government’s Pension Tracing Service who will tell you where your pensions are and then you can contact the providers directly."
Recently, Moneyfarm launched a new online tool to assist people in finding forgotten private and workplace pension schemes.
Its "Find, Check & Transfer Pensions Service" assists retirees in uncovering £26.6billion worth of untouched retirement savings.
This can be accessed by logging onto Moneyfarm's website.