Charlene Young, senior pensions and savings expert at AJ Bell, said: “It’s estimated that there are 3.3 million pension pots lost in the UK, valued at a whopping £31 billion.
“A few minutes work is well worth it if you can uncover thousands of pounds to help towards a better retirement.
“Even if you’ve got a good handle on your pension savings, here are three good reasons to combine your pensions.
“First up is the chance to lower your charges. Different pension companies charge varying fees for managing and investing your pensions and an older style lost pension might have high annual charges.
“If you move to a plan that offers better value for the features you need, you’ll end up paying less and giving your pot a boost over time alongside the extra money you’ve found.
“Secondly, fewer pots and online log-ins help you keep track of your total pension savings and estimate what that could give you in retirement.
“Better information helps you make better decisions, like how much to increase your contributions, if you want to aim for a higher standard living in retirement.
“Your lost pension might have been invested in a standard ‘default investment fund’, which is designed to be a one-size-fits-all solution.
“Some ‘lifestyle’ funds even change the asset mix of your investments as you approach certain age bands which might not match your own retirement goals.
“Taking control of your own pension investments can help you match your individual goals.
“This is particularly important as you approach retirement and are thinking about how and when you’ll access your pension money.”
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