Millions of Workers Lose Track of Their Pensions, says Age UK

About 5 million workers who change jobs often lose track of their workplace pension pots, which make retirement planning more challenging.

09:15 15 April 2013

A research from Age UK reveals that millions of workers have lose track of their pensions as they change jobs. The survey, which involved 2,300 people, found that a quarter of them are not aware of the state of at least one scheme. This is alarming as about a quarter of people who are under the age of 35 have already worked for about five employers.

Workers who lose track of their pension blamed lost paperwork.

Lucy Harmer, head of services at Age UK, warns the importance of keeping all the paper works related to pension. She said:

"It is really important we all set aside time to keep on top of our personal admin, such as organising paperwork and keeping details of any financial products safe and secure.”

"This is especially crucial for pensions, as it may be some years down the line until they need to be accessed."

The news has prompted new calls for the government to device plans of actions to help workers take any small pension pot with them and merge it with their next workplace pension.

Meanwhile, the Department of Work and pension provides service to help workers. They offer pension tracing service to easily locate lost pension for individuals.