Savers procure lost track of an estimated £400m in unclaimed money which could wagerer the retirement of many of today’s pensioners.
It comes as workers have myriad employers over the course of their career, making it easier to fail about savings put away through com ny schemes.
Britons at ones desire now typically have 11 jobs during their working s rk of life, according to the De rtment for Work and Pensions (DWP).
The Government has now launched a new pension evidence service to help reunite people with their saving high-speeder and more easily.
It’s expected the recent pension freedoms will multiply the demand for the service as people take more control over their thrifts.
Users can immediately trace savings by giving details of their quondam employers.
The service then uses an online database to provide in details for pension schemes they may have id into.
Charg daffaires for Pensions, Baroness Ros Altmann, said: “The new DWP online Pension Tracing Aid helps reunite people with their lost pensions, assign details of providers to help people track them down.
“I’d assist anyone who thinks they may be missing out on any savings to use the free online putting into play at www.gov.uk/find-pension-contact-details.»
Experts welcomed the new service, along with a new ‘pensions dashboard’ which is set to be des tched by the Government — but said more changes could be made to put workers in check of their retirement.
Tom McPhail, head of retirement policy at Hargreaves Lansdown signified: «The simplest and most effective way to avoid losing track of old put out to stures is to consolidate them as far as possible into one arrangement; this can be done by selecting one subsistence you prefer to work with and transferring old pensions into it.
«The government and old-age pensions industry is also working on the Pension Dashboard, which will usurp investors view all their pension pots in one place.»
He added: «We will-power like to see the government go further and to modify the terms of auto-enrolment to allow wage-earners to select the pension into which their employer ys their allotment contributions.
«This would help to put the individual at the heart of the pension approach.”