Just two in five (40%) UK adults know where all their private and workplace pensions are held, Aegon has revealed.

The pensions and investment solutions provider said its latest findings highlight the challenge many people face in keeping track of retirement savings accumulated across multiple employers.

More than a third (36%) of UK adults don’t know where all their pensions are held, with 20% only knowing where some are. One in six (16%) admit to not knowing where any of their pensions are held, with 24% stating they don’t have a pension.

Aegon said its findings suggest that for many people, understanding whether they’re on track for retirement "starts with a fundamental challenge" of keeping track of pension savings accumulated across different jobs and over many years.

While many people are engaging with pension communications, understanding also remains a challenge. Almost three quarters (72%) of pension savers say they open their annual pension statement and 69% read it, yet only 55% say it helps them understand whether they are saving enough for retirement.

The firm said its research also found that 30% of pension savers never check where their pension is invested, while only 21% do so at least monthly.

Aegon stated that its solution, Mylo, is designed to help address these issues be locating and bringing together eligible pension pots

Commercial director of workplace at Aegon, Nick Roy, stated: "You can't plan effectively for retirement if you've lost track of your pension savings. Yet only two-in-five adults know where all their pensions are held. For many people, the challenge isn't a lack of interest in planning for the future, it's keeping on top of pension pots accumulated across different jobs and different stages of their working life.

"As people move between employers and build up multiple pension pots, it's easy to lose track of what you've already saved. Before people can decide whether they're saving enough for retirement, they first need to understand what retirement savings they have and where they are held.

"That's where Mylo can help. By helping people track down old pension pots and bring eligible pensions together, Mylo is designed to help people take greater control of their retirement savings and build a clearer picture of what they have. It can also help people understand where their money is invested and make more informed decisions about their future."

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