More than three million UK pension pots are estimated to be lost, according to the Pensions Policy Institute, with the average value around £6,000. Around 2.5 million of these lost pots are thought to belong to people under 55.
The research is supported by the government-backed Money and Pensions Service. Women's lost pots are worth less than men's, at around £5,370 compared with £6,830.
Average Lost Pot Values by Age
The average lost pot for people under 55 is £5,250. For those aged 55 to 74, it is around double, at £10,710.
Oliver Morley, chief executive of the Money and Pensions Service, said: "With around 2.5 million lost pensions belonging to people aged under 55, there is a need to ensure no one is missing savings for the retirement they want."
Experts Urge Action on Forgotten Savings
Tom Selby, public policy director at AJ Bell, said: "While the average pot value may not sound life-changing on its own, £6,000 can make a significant difference to someone's retirement income.
"That figure rises to £10,000 among those aged over 55 - people who will likely be thinking about retirement in the not-too-distant future - and that is just an average, meaning many will hold much larger forgotten sums."
How to Trace a Lost Pension
Lost pensions may be those forgotten from an old workplace, or ones that are difficult to locate, making them hard to claim at retirement. The government's Pension Tracing Service can help find the contact details of a workplace or personal pension provider.
To use the service, individuals need to list every employer they have worked for or the name of the pension provider. The tool provides contact details, and users should give previous names, addresses, employment dates and their National Insurance number to help locate the pension pot.
It is worth noting that the service cannot tell you whether a pension even exists or what it is worth.
