More than a third of Brits have lost track of pensions

Over a third (36.5 per cent) of people admit to losing track of the pensions they have taken out, according to survey data from MypensionID.

The pension app creator found that under-24s were the age group most likely (48 per cent) to admit to having lost track of their pensions, while people in London and the North East were the most likely to not know how many pension pots they had accumulated during their working life.

Two-fifths (40 per cent) of Brits said they had three or more pension pots (including their state pension), with over one in five Londoners (22.5 per cent) stating that they had five or more pensions.

Nearly a fifth (18 per cent) of 35-44-year-olds said they had five or more pensions, the most of any age group, while the survey data also revealed a disparity between genders, with almost one in five men (19 per cent) stating that they had five or more pension pots, compared to less than one in 10 women (9.5 per cent).

Almost two-thirds (65 per cent) of respondents said they would be likely to use an app which helped keep track of their pensions, indicating that there would be a strong user base when pensions dashboards are launched in 2023.

MypensionID founder, Lisa Lyon, commented: “The survey findings confirm our previous research in terms of people losing track of pensions.

“It’s fascinating, however, to see the scale of the problem today - the average Briton has at least six jobs in their lifetime which, since the introduction of auto-enrolment, means that they will accumulate a pension benefit at every new employer, meaning a lot of administration for that individual as they move through their career keeping track of them all.

“Ultimately many people lose track of previous schemes and funds they have paid into.”

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