New research from Prudential reveals that more than 80 per cent of employees have not transferred their workplace pension from one company to another when they switch jobs.
This has led to many people losing track of how much pensions savings they have built up meaning that it is more difficult to accurately and effectively plan the savings needed to fund retirement.
The research showed that 16 per cent of people forget about old pensions built up in previous jobs. A further 15 per cent relied on their new employers to switch their old pensions to their new one for them.
A staggering 76 per cent of people do not know the total value of their overall pension pots. The research revealed that pension savers estimated their total funds to reach £110,000 by the end of their working lives.
But there is a wide discrepancy in the amount that men and women believe they will save over the course of their working lives.
Men believe they will have total pensions savings of £154,094, whilst women believe they will only receive £50,512.
Stan Russell, pensions business development manager at Prudential, said: “Saving into a pension today is an important step in the right direction for workers, to help ensure a comfortable retirement.
“It is essential for people to understand what type and level of savings they have built up in the past.
“They must make sure that their previous employers have their most up-to-date personal details and are sending them annual pension statements, so they can keep themselves properly informed.”
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