UK savers could be missing out on more than £26,000 in forgotten pension savings after losing track of old workplace pots, with Wales emerging as the country’s largest potential lost pension 'hotspot', according to research from Moneybox.

The provider’s Get Britain Growing research compared the average number of employers people had worked for with the number of pension pots they believed they currently held, using the gap as an indication of potentially lost workplace pensions.

Based on an average lost pension pot value of £9,470, Moneybox estimated that people across the UK could be missing up to £26,042.50 in retirement savings.

Wales recorded the largest potential gap, with respondents having worked for an average of 4.56 employers but holding just 1.47 pension pots.

Moneybox suggested this could equate to four potentially missing pots, worth up to £37,880.

The East of England, North East, Northern Ireland, Scotland, South East, South West and West Midlands each had an estimated gap of around three pension pots, equivalent to approximately £28,410.

Meanwhile, respondents in the East Midlands, London, North West, and Yorkshire and the Humber could potentially be missing around two pots, worth approximately £18,940.

Moneybox noted that increased job mobility meant workers were more likely to accumulate multiple workplace pensions with different providers, increasing the risk that older pots would be forgotten over time.

The firm argued that even relatively small individual pots could collectively make a meaningful contribution to retirement income.

Moneybox director of personal finance, Brian Byrnes, said: “Forgotten pension pots are a bit like weeds in a garden. Left untouched they can hamper the growth of your plants, it’s important to keep tidying them up and keep track of what you’ve planted and where it is.

“Keeping old pension pots separated could stop your retirement savings from reaching their full potential.

“Even if each pot seems relatively small, together they can add up to tens of thousands of pounds that could make a real difference in retirement."

Moneybox also highlighted pension consolidation as one potential option for savers looking to simplify their retirement arrangements, although it stressed the importance of considering fees, investment choices and available support.

Byrnes added: “Retirement planning doesn't have to feel overwhelming. Like gardening, it's about taking small, consistent actions over time.

“Finding an old pension, reviewing your savings or bringing everything together in one place are all simple steps that can help grow a retirement full of possibilities.”

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