An estimated 3.3 million pension pots, valued at a combined £31.3bn, are unclaimed by millions of Brits, thimbl has stated.

Research by the Pensions Policy Institute estimates that the average lost pension pot is worth £9,470, meaning that many people could be missing out on thousands of pounds in retirement savings without realising it.

The credit builder firm stated that the most common reasons for losing track of pensions include changing jobs or forgetting about a previous workplace pension, moving home without updating pension providers, losing paperwork from former employees and building up multiple workplace pensions over the course of a career.

According to the Institute’s research, the number of lost pension pots has increased significantly in recent years, largely due to automatic enrolment and people changing jobs more frequently throughout their careers.

The government offers a free pension tracing service, which helps people find the contact details of workplace and personal pension providers they may have lost touch with.

Personal finance expert at thimbl, Joe Lytwyn, has encouraged anyone who has changed jobs throughout their career to check whether they have forgotten any pension pots.

He stated: "Many people don't realise how easy it is to lose track of a pension. If you've changed jobs several times over the years, there's a good chance you've built up more than one workplace pension, and it's surprisingly easy for one to slip through the cracks.

"With the average lost pension estimated to be worth almost £9,500, taking the time to check could have a meaningful impact on your retirement. Even if you think you've kept on top of your finances, it's worth making sure there isn't an old pension sitting with a previous employer."

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