Pensioners could be missing out on thousands of pounds in retirement funds merely because they’ve mislaid old workplace pensions. If you’ve been employed in several positions, there’s a strong chance you possess a forgotten pension pot from a previous employer, and tracking it down could boost your retirement income without increasing your monthly payments.

Recent research suggests that numerous people feel uncertain about their retirement finances. A survey of 2,000 adults by Opinium for Hargreaves Lansdown found only 26% believe regular overseas travel is realistic in retirement.

While 49% would like to support family financially, just 30% think they’ll actually manage to. Only 34% say they won’t need to worry about money – though 71% believe they’ll at least be able to cover their bills.

As reported by the Daily Record, one way to improve your prospects is to guarantee you’re not missing money you’ve already set aside.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “When people picture retirement, they often imagine travel, helping family and having the freedom to enjoy their hobbies. But for many, those plans risk remaining dreams rather than reality.

“The good news is most believe they’ll be able to cover their bills. The challenge is making sure you have enough set aside to enjoy the lifestyle you want – and that includes checking you haven’t lost track of an old pension.”

Why so many pensions go missing

If you’ve changed jobs several times, there’s a strong chance you’ve left behind small workplace pension pots.

Over time, those pots can grow thanks to investment returns and employer contributions. But if you don’t keep your details updated, paperwork goes astray and it becomes easy to forget they even exist.

That ‘small’ pension from 20 years ago could now be worth far more than you think.

How to track down a lost pension

The first step is using the government’s free Pension Tracing Service.

• The name of your old employer, or
• The name of the pension provider

The service won’t tell you whether you definitely have a pension or how much is in it. But it will give you contact details so you can get in touch and check.

It can take a bit of admin – but it could also uncover money you didn’t know you had.

Should you combine your pensions?

Once you’ve found all your pots, you may consider consolidating them into one place.

• Make them easier to manage
• Help you see your total retirement savings clearly
• Reduce paperwork
• Potentially cut fees

However, it’s important to check carefully before transferring.

Some older pensions come with valuable guarantees, such as guaranteed annuity rates. You could lose these if you move the money. There may also be exit fees.

If you’re unsure, regulated financial advice may be worth considering.

Five practical ways to boost your pension

Experts say small steps now can make a big difference later:

1. Increase contributions when your pay rises

• Don’t stick on the minimum auto-enrolment level forever. Even a 1% increase can grow significantly over decades.

2. Check for employer matching

• Some employers will increase their contributions if you increase yours – effectively free money.

3. Claim any missing tax relief

• Higher and additional-rate taxpayers may need to claim extra relief through self-assessment, depending on how their pension is set up.

4. Use your annual allowance

• Most people can contribute up to £60,000 a year (or 100% of earnings, whichever is lower) and receive tax relief.

5. Consider family contributions

• You can pay into a spouse’s or child’s pension, which also benefits from tax relief.

The bottom line

Most people believe they’ll cover their bills in retirement. That’s the minimum.

But if you want more than just scraping by – whether that’s travel, helping family or simply peace of mind – you need to take control now.

Tracking down a lost pension pot could be one of the simplest ways to increase your retirement income without earning an extra penny.