However, some 4 per cent of people don\u2019t know how many pensions they have – or with whom – something Helen Morrissey<\/a>, head of retirement analysis at Hargreaves Lansdown, warns could have a major impact on your income in later life.<\/p>\n If you don\u2019t track them down, you risk missing out on thousands of pounds in lost retirement income which could be crucial as the State Pension age<\/a> is set to start rising to 67 from April with a further rise from 67 to 68 set to be implemented between 2044 and 2046.<\/p>\n READ MORE: State Pension age set to rise in April for people born in specific years<\/a>READ MORE: Retirement expert shares simple ways to boost State Pension income<\/a><\/p>\n Ms Morrissey explained: \u201cIf your New Year\u2019s resolution is to get financially fit, it\u2019s worth paying some attention to your pensions. Many of us are juggling multiple retirement pots and there\u2019s a real risk we could lose track of one or more and leave ourselves worse off in retirement.<\/p>\n \u201cIt\u2019s easily done. If you don\u2019t keep your contact details updated whenever you move house there\u2019s a chance you could lose track of a pension from a previous employer.<\/p>\n \u201cOur research shows that 32 per cent of people say they have two pensions, one in four say they have three or more and 4 per cent of people have no idea. It\u2019s really important to keep track of what you have – research from the Pensions Policy Institute (PPI) shows there are more than 3.3m lost pension pots in the system.\u201d<\/p>\n The retirement expert added that there are things you can do about it though.<\/p>\n She continued: \u201cIf you think you\u2019ve lost track of a pension, you can contact the government\u2019s Pension Tracing<\/a> helpline. If you have the name of either the pension provider or employer, they can give you contact details so you can try and track it down.\u201d<\/p>\n Looking further ahead, Ms Morrissey said that the incoming pensions dashboards will make it easier to keep track of what you have.<\/p>\n She explained: \u201cOnce you\u2019ve got your pensions together, it might make sense to consolidate them. Having an overarching view of what you have can make a big difference to your retirement planning, because people tend to view one larger pot in a different way to several smaller ones, which they might be tempted to take as cash and spend.<\/p>\n \u201cTaking the time to track down those pensions can really pay off. Calculations on Hargreaves Lansdown\u2019s pension calculator shows that someone with a \u00a360,000 pension at the age of 55 would be on track to accumulate a pension pot worth \u00a3125,000 by the age of 67.<\/p>\n \u201cHowever, if they were to find a lost pension of \u00a314,000 (average size of lost pension pot is \u00a313,620 among 55-75 age group according to PPI) and consolidate it with their current pension they would have a pension worth \u00a3144,000 by the age of 67.\u201d<\/p>\n However, Ms Morrissey added that it’s important to check the fine print before you decide to consolidate.<\/p>\n She said: \u201cMake sure you aren\u2019t leaving yourself open to expensive exit fees by consolidating or missing out on important benefits such as guaranteed annuity rates. It also rarely makes sense to transfer a final salary pension.<\/p>\n Join the conversation on our Money Saving Scotland Facebook group<\/a> for money-saving tips, the latest State Pension and benefits news, energy bill advice and cost of living updates.<\/p>\n Sign up to our Record Money newsletter and get the top stories sent to your inbox daily from Monday to Friday with a special cost of living edition every Thursday – sign up here<\/a>.<\/p>\n You can also follow us on X (formerly Twitter) @Recordmoney_<\/a> for regular updates throughout the day or get money news alerts on your phone by joining our Daily Record Money WhatsApp community<\/a>.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/12\/1765186628_722_0_DR-MOney.png\")
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