In a recent poll conducted by the charity, 23% of adults reported that they have lost track of a pension, and many are not sure how to go about tracing their lost funds.
With today's employees increasingly having a variety of different jobs during the course of their career, individuals are likely to draw on several, smaller pension funds on their retirement.
The survey also revealed that 24% of adults are currently failing to plan for their retirement, as they 'cannot afford' to do so.
Lucy Harmer, Head of Services at Age UK, said, 'It's 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'.
Under the new pension auto-enrolment scheme, which is being rolled out over a number of years, all employers will have to automatically enrol eligible jobholders into a qualifying pension scheme. For more information on pension auto-enrolment, please call us on 01252 728598.
