Defined Contribution  

Lost pensions could be worth £20bn

Ms Braun said: "This project has cross-party support, with the backing of consumer groups, and could mean a more secure retirement for millions of savers."

Jon Greer, head of retirement policy at Quilter, said losing track of £13,000 of pensions money was easier than many may think, particularly in the current working environment where people are switching jobs frequently and likely to be auto-enrolled into a company scheme each time. 

He said: "It’s important to keep track of your pensions, but even if you don’t, all is not lost. One of your first steps as you approach retirement should be to track down all your pension funds.

"The government provides a free online pensions service, which allows you to search for lost workplace pensions or a financial adviser can help.

"Once you’ve tracked down all your funds you should consider whether it is worth combining all your pensions into a single plan. This may provide you with a clearer picture of how best to plan for the rest of your retirement; means you only have to manage one pot rather than several and may also mean your fees are lower."

maria.espadinha@ft.com