More than a third (36 per cent) of UK adults do not know where all their private and workplace pensions are held, while 16 per cent do not know where any of their pension savings are, according to research from Mylo at Aegon.

The survey by Opinium of 2,000 adults highlighted the challenge many people face in keeping track of retirement savings accumulated across multiple employers.

Two fifths (40 per cent) knew where all their pensions were, while 24 per cent did not have a pension.

While 72 per cent of pension savers said they open their annual pension statement and 69 per cent read it, only 55 per cent said it helped them assess whether they were saving enough for retirement.

The research also found that nearly a third (30 per cent) of pension savers said they never check where their pension is invested, while just 21 per cent review their investments at least monthly.

Aegon commercial director of workplace, Nick Roy: commented: "You can't plan effectively for retirement if you've lost track of your pension savings. Yet only two in five adults know where all their pensions are held.

“For many people, the challenge isn't a lack of interest in planning for the future, it's keeping on top of pension pots accumulated across different jobs and different stages of their working life.

"As people move between employers and build up multiple pension pots, it's easy to lose track of what you've already saved. Before people can decide whether they're saving enough for retirement, they first need to understand what retirement savings they have and where they are held.”

Roy said Mylo is being rolled out to help users locate pension pots built up across multiple employers and gain a clearer view of their retirement savings.

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