Directgov has launched a free pension tracing service aimed at those it believes are losing out on pension entitlements worth thousands of pounds.
Directgov says its research shows over half of UK adults have no idea how much money they have built up in pension schemes, simply because they have stopped keeping track of them.
It says the problem is likely to worsen due to the amount of times people change jobs during their lifetime.
Fifteen per cent of people surveyed say the reason why they stopped keeping track of their pensions is because they do not believe they are worth much.
The free pension tracing service can be found at www.direct.gov.uk and will have access to a database of over 200,000 occupational and personal pension schemes.
Directgov director of communications Tiffany St. James says: “Saving for the future is crucial but our research suggests many UK adults are losing touch with their pensions and don’t know how much money they have saved.
“The free pensions tracing service on Directgov gives people an opportunity to trace ‘lost’ pensions, enabling them to better plan for their future.”