Do you know where your old pensions are?

When you start a new job, you’ll be auto-enrolled onto your new employer’s workplace pension scheme.

So as you move from one job to the next, you can easily end up with several pension pots in your name.

But worryingly, many of us are completely forgetting about these pension schemes over time.

In fact, research from Moneyfarm has found that 29% of Brits have no idea how many pension pots they have.

And data from Standard Life shows that 19% of people with multiple pensions have lost track of least one of them.

According to the Pensions Policy Institute, the value of lost pension pots in the UK has risen by 37% since 2018 to a staggering £26.6 billion.

This means that a massive amount of money is simply lying unclaimed and unused, when it could be making a big difference to people in later life.

Even when you break it down to an individual level, we’re still looking at huge and potentially life-changing sums.

Moneyfarm’s research found that the average British adult believes they have more than £13,000 sitting in approximately three lost pension plans.

If you don’t know where your old pensions are, just imagine how much of a difference that money could make for you in retirement.

The average person will have 11 jobs in their lifetime, so it’s understandable that some can forget or lose track of old pension schemes from many years ago.

But that doesn’t mean we should just accept it and write them off.

According to Moneyfarm, 79% of people don’t know how to start tracking down lost pensions.

But the answer is actually quite simple.

The government offers a free Pension Tracing Service, where you can find old savings pots by entering the names and addresses of your previous employers.

You’ll then be given the contact details of the pensions administrator they used, so you can get in touch with them directly and ask if you have a pension.

If it turns out that you do, you can then find out what it’s worth and ask for the money to be paid out.

Once you’ve received the lost funds, it might then be worth looking at consolidating your various workplace pensions in one place.

Keeping this money in a single location, such as your current workplace pension, can have several advantages.

For example, you could find it much easier to see if you’re on track to meet your retirement targets or if you need to step up your saving.

You’ll also have far less admin in the long run, as you only need to speak to one provider if or when your circumstances change.

As Carina Chambers, pensions technical expert at Moneyfarm, says: “Combining your old pensions could help you streamline your retirement planning and keep your savings on track.”

“But this is something you need to deal with regularly, not just when you’re getting nearer to retirement.”

Of course, consolidating your pensions isn’t something you have to do.

It might be that once you’ve tracked down your old pensions, you might feel you’re better off keeping the money where it is.

But any decision should be an informed choice, so you know how much money you’ve got at your disposal, where it’s invested and whether it’s working hard for you.

If you’re equipped with the right information, you’ll be in a better place to do what’s right for you, your circumstances, and your financial goals.