More than £50bn in pensions are at risk of being lost as workers change jobs more often and lose track of their pensions, according to new research from the Centre for Economics and Business Research.

A fifth of over 50s rely on DB pensions to provide almost half of their retirement income but the numbers are set to fall, according to Standard Life’s Retirement Income Almanac.

A decade on from George Osborne’s ‘Pension Freedoms’ Budget bombshell announcement in 2014, the latest HMRC data showed that £70bn of retirement cash has since been accessed flexibly by British savers.

More than four out of 10 pension savers (44%) reckon they will retire before their current state retirement age even though only half (54%) have a financial plan in place, new research suggests.