More than three in five UK workers (62%) have more than one pension pot, according to research from workplace wellbeing specialist Wealth at Work.
One in twenty of 2,000 workers surveyed (5%) said they were unsure how many pensions they had, highlighting how fragmentation can reduce workers’ ability to keep track of their retirement savings.
The Pensions Policy Institute estimated that there were currently 3.3m lost pension pots in the UK, containing around £31.1bn of assets.
A quarter of workers surveyed (27%) for the report said they would be more likely to engage regularly with their pensions if they had a single combined view of the value of their pensions.
There were signs that workers were taking action to consolidate their retirement savings. A quarter (24%) of employees surveyed had already consolidated some of their pensions, with a further 32% considering doing so.
Over the past decade the Government has been working on the Pension Dashboards project - an all-in-one online hub to help consumers keep track of pensions - in an attempt to make it easier for UK workers to find and consolidate small pension pots.
Over 70m pension records, 1,500 pension providers and schemes are now connected to the Pensions Dashboards ecosystem.
The launch of Pensions Dashboards has been subject to years of delay and pushbacks. The idea was first proposed by the FCA in 2014.
In the latest delay, the PDP, part of the Money and Pensions Service (MAPS), said it had moved back a deadline for daily reporting via API by five months.
• Opinion Matters surveyed 2,000 workers over the age of 18 who have a defined contribution pension on behalf of Wealth at Work in May and June.