Marvin OnumonuMore than three in 10 Brits have lost track of their pension pots, according to research commissioned by Moneyfarm and conducted by Perspectus Global in December 2025.
Researchers found 79% had little or no idea how much money they had saved for retirement, and 27% did not know who their pension provider was.
34% said they had a pension plan “out there somewhere” that they have completely lost track of or lost the details to.
Brits still aim to retire at 62 with a yearly income close to £30,000, but experts said this was “wildly unrealistic”.
45% said they had lost track of savings, investments and bank accounts, while 49% had lost track of company pension pots from previous jobs.
73% did not know what the state pension is worth each month.
87% agreed pensions are too confusing, with 68% saying they do not understand the different types of retirement plans available.
76% had never had a professional pensions expert explain their options and 58% admitted they stick their head in the sand when it comes to saving for their future.
52% said they did not think they would have enough money to retire.
Carina Chambers, financial expert at Moneyfarm, said: “The research shows that we’re sleepwalking into a retirement crisis with too many people thinking their pensions will magically sort themselves out.
“Losing track of your pension pots or not knowing how much you’ve saved can have a huge impact on your future financial security.
“We believe that planning for the future should start now, not just when you’re close to retirement.”
Chambers added: “Planning for retirement shouldn’t be overwhelming or confusing, and by starting early and reviewing regularly, you can take small, manageable steps now to shape your financial future.
“This could be things like consolidating old workplace pensions, checking funds and fees, and using pension calculators, so you can check you’re on the right path toward the retirement you deserve.”
61% put money into a pension monthly, with the average person holding at least two pensions and making a £258 payment each month.
The most confusing parts of retirement plans were how to claim a pension (26%), what tax should and should not be paid (30%), and different pension types (44%).
Other terms creating confusion included pension caps (18%), lump sum versus annuity (27%), salary sacrifice (15%) and defined benefit formulas (14%).
Chambers advised people to track down any old workplace pensions if they have changed jobs and think about combining them, as consolidating pension pots can make managing them easier and cheaper.
She said it is important to check your State Pension forecast online to see what you are entitled to and when you can claim it.
She also recommended topping up pension payments when possible, especially if you get a pay rise or bonus, so your pension grows in line with your salary.
Chambers said knowing the difference between defined benefit and defined contribution pensions is useful for understanding your retirement income.
She added that if pensions seem confusing, it can help to speak to a qualified expert or use a digital service.
