A staggering three million UK pension pots have been lost with savings valued at £18.7bn, equivalent to an average £6,000 in missing pension savings, show the latest figures from the Pensions Policy Institute (PPI).

The situation has worsened since the introduction of auto enrolment as more employees take up pensions through their employers, but do not necessarily keep records if they change jobs frequently and move house.

Most lost pension pots (82%) are held by pension savers aged under 55, according to the Lost Pensions Survey by the Pensions Policy Institute, accounting for approximately 2.5m of all lost pots and £12.9bn of total lost assets.

While the average lost is £6,000, the issue is worse for savers near retirement or just retired, with those in the 55 – 74 age bracket missing on average £10,710.

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