Ahead of Pension Awareness Day, new research from Mylo at Aegon has revealed that only two-in-five (40%) UK adults know where all their private and workplace pensions are held.
The findings highlight the challenge many people face in keeping track of retirement savings accumulated across multiple employers, an issue Mylo is designed to help address by helping people locate and bring together eligible pension pots.
More than a third (36%) of UK adults don't know where all their pensions are held, with 20% only knowing where some are and one-in-six (16%) admitting they don't know where any of their pensions are held. A further 24% say they don't have a pension.
The findings suggest that for many people, understanding whether they're on track for retirement starts with a more fundamental challenge: keeping track of pension savings accumulated across different jobs and over many years.
Despite many people engaging with pension communications, understanding also remains a challenge. More than seven-in-ten (72%) pension savers say they open their annual pension statement and 69% read it, yet only 55% say it helps them understand whether they are saving enough for retirement.
The research also found that almost a third (30%) of pension savers never check where their pension is invested, while only 21% do so at least monthly.
Nick Roy, Commercial Director of Workplace at Aegon, said: "You can't plan effectively for retirement if you've lost track of your pension savings. Yet only two-in-five adults know where all their pensions are held. For many people, the challenge isn't a lack of interest in planning for the future, it's keeping on top of pension pots accumulated across different jobs and different stages of their working life.
"As people move between employers and build up multiple pension pots, it's easy to lose track of what you've already saved. Before people can decide whether they're saving enough for retirement, they first need to understand what retirement savings they have and where they are held.
"That's where Mylo can help. By helping people track down old pension pots and bring eligible pensions together, Mylo is designed to help people take greater control of their retirement savings and build a clearer picture of what they have. It can also help people understand where their money is invested and make more informed decisions about their future.
"As we continue the rollout of Mylo, our ambition is simple: to help people move from wondering where their pensions are and whether they're doing enough, to feeling more in control of their retirement savings and more confident about taking the next step."
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