Nest has launched a free pension finder service to help its members track down pension savings from previous jobs, amid concerns over the growing number of lost pots in the UK.

The launch comes as new data from Nest revealed that one in four (25 per cent) members either did not know how many pension pots they had or knew they had more than one but were unsure of the total.

With the average person expected to have 11 jobs during their lifetime, Nest warned that changing employers, moving home and losing track of paperwork could make it increasingly difficult for savers to keep track of their retirement savings.

The scheme's research also found that having all their pensions in one place was the most common reason members gave for transferring their savings.

Indeed, almost a third (32 per cent) of those looking to combine their pension pots cited concerns about losing track of multiple pensions as a key motivation.

The findings come amid wider concerns about the scale of lost pension savings in the UK, with research from the Pensions Policy Institute (PPI) estimating that around 3 million pension pots, worth £18.7bn, are currently lost or forgotten.

The PPI also estimated that the average value of a lost pension pot was approximately £6,000.

Developed in partnership with Pension Lab, Nest's new pension finder service allows members to search for pension savings from previous employment through their secure online Nest account.

Members can provide details of former employers or other pension providers where they believe they may hold savings, and the service helps locate any existing pension pots.

Nest emphasised that the service was free to use and would not automatically transfer any pension savings, allowing members to review their options before deciding whether to take further action.

Nest chief customer officer, Gavin Perera-Betts, said: "Many people will build up pension savings across multiple jobs during their working lives. While changing jobs is exciting, it can make it harder to keep track of where all your retirement savings are held.

"Our data shows that one in four Nest members either don't know how many pension pots they have or are unsure of the total.

"That's why we've launched our free pension finder service, giving members a simple and secure way to track down savings from previous jobs through their Nest account."

Perera-Betts stressed that the service was intended to give members greater visibility and control over their retirement savings, rather than encouraging automatic consolidation.

"The service helps members find what's already theirs, understand their options and decide what action, if any, is right for them," he added.

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