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Workers 'losing track' of pension funds

Nearly a quarter of UK adults have lost track of at least one of their pensions, adding to the pressures facing the pension system, according to Age UK.

In a recent poll conducted by the charity, 23% of adults reported that they have lost track of at least one of their pensions, 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'.

We can help with your tax and financial planning needs, including planning ahead for a comfortable retirement. Please contact us for further advice.