Britons forget where pensions are held

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Research from government website Directgov reveals one in six Britons have lost details of where pension savings are held.

And more than half are unaware of how much they have saved, even if they do know where it was deposited.

The government body suggests that many individuals could be "pleasantly surprised" if they were to be reunited with their forgotten funds.

For the 15 per cent of respondents to the Directgov survey who stated that their savings are "not worth much", a free service is available which could prove them wrong.

"Saving for the future is crucial but our research suggests many UK adults are losing touch with their pensions and dont know how much money they have saved," comments director of communications Tiffany St James.

"The free pensions tracing service on Directgov gives people an opportunity to trace lost pensions, enabling them to better plan for their future."

Civil servant Tony Douglas is given as one example of the schemes success, as he was reunited with a pension he thought was worthless, but which actually totalled some £25,000.

The main reasons why individuals lose track of their pensions include switching jobs - with a fifth of under-35s having changed job at least five times.

And a third of over-18s have more than one form of pension saving, potentially adding to the confusion.

Meanwhile, figures published this week by Scottish Widows reveal that "moneys too tight to pension" for many consumers.

A third of over-55s questioned by the financial services provider replied that they intend to work beyond the statutory retirement age as they simply cannot afford to retire.

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