Two-thirds of workers have multiple pension pots, research finds

Almost two-thirds of UK employees with a defined contribution (DC) pension now have more than one pension pot, according to research from WEALTH at work.

The survey of 2,000 workers found 62% had multiple pension pots, while 5% said they were unsure how many pensions they had, reflecting growing fragmentation as workers change jobs and are automatically enrolled into new workplace schemes.

WEALTH at work highlighted research from the Pensions Policy Institute estimating there are around 3.3 million lost pension pots in the UK, containing £31.1bn in assets.

The study also found 27% of employees would be more likely to engage with their retirement savings if they could see all of their pensions in a single view.

Meanwhile, 24% said they had already consolidated their pensions, while a further 32% said they were considering or planning to do so.

The findings come ahead of pensions dashboards being made available to the public from 2027, following a requirement for pension providers to connect to the service by October 2026.

Jonathan Watts-Lay, director at WEALTH at work, said: “Having multiple pension pots is now the norm, but this can make it much harder for individuals to see the bigger picture.

“Without a clear view of their total pension savings, it becomes more difficult for people to plan effectively or make informed decisions.”