Workers Warned On 'Forgotten Pensions'

Over half of UK adults have no idea how much money they've built up in pension schemes, while one in six people have no details of where their money is saved, government research has revealed.

Findings published by government website Directgov show that a substantial number of people are failing to keep track of pensions savings. The government warned that people could be losing out on pension entitlements worth thousands of pounds.

The national survey found that one of the main reasons for losing track of pensions is the number of times people change jobs, with one in five UK adults changing jobs five times or more by the time they are 34.

The survey also found that one in three Britons aged over 18 have two or more pensions.

Fifteen per cent of those surveyed said that the reason for losing track of a pension is because they believe it is not worth much.

To help people track down their lost pension, the government has launched a free pension tracing service at: www.direct.gov.uk.

Tiffany St James, Director of Communications for Directgov, said: "Saving for the future is crucial, but our research suggests many UK adults are losing touch with their pensions and don't know how much money they have saved. The free pensions tracing service on Directgov gives people an opportunity to trace 'lost' pensions, enabling them to better plan for their future."

The Pension Tracing Service helps people find pension schemes they may have mislaid details for. With access to a database of over 200,000 occupational and personal pension schemes, this free service can provide individuals with contact details for their lost pension schemes.

Anyone without access to the internet can order a pensions tracing form through Directgov digital television or call the Pension Tracing Service on: 0845 6002 537.

(KMcA)