Multiple pension pots are now the norm for many UK workers, creating new challenges around visibility and engagement, according to new research[1] from financial wellbeing and retirement specialist WEALTH at work.

The study of 2,000 UK workers who have a defined contribution pension found that almost two-thirds (62%) now have more than one pension pot, reflecting increased job mobility and the long-term impact of automatic enrolment. At the same time, 5% of employees say they are unsure how many pensions they have, highlighting how fragmentation can reduce oversight of retirement savings.

Fragmentation is a growing issue across the UK pensions landscape, with millions of small, deferred pots building up over time - many of which eventually become ‘lost’, as individuals lose track of them or no longer engage. Pensions Policy Institute research estimates there are around 3.3 million lost pension pots in the UK, containing £31.1 billion worth of assets[2].

WEALTH at work’s new research also highlights a clear link between visibility and engagement, with 27% of employees saying they would be more likely to engage more regularly if they had a single combined view of the value of all their pensions.

With pension providers required to connect by October 2026, pensions dashboards are expected to be rolled out to the public from 2027 onwards. The aim is to improve visibility by allowing individuals to see all their pension savings in one place. However, while this will be an important step forward, people may still want to take action to bring their pensions together and fully understand their overall position.

Encouragingly, there are already signs that people are beginning to take action. The research found that around a quarter (24%) of employees have consolidated their pensions, while a further 32% are considering or planning to do so. This highlights both growing recognition of the need to take a more holistic view of retirement savings and the increasing importance of workplace support in helping employees take action.

Jonathan Watts-Lay, Director, WEALTH at work, comments:

“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.

“The findings highlight the important role of financial education in the workplace, alongside solutions such as pension consolidation, in helping improve visibility, engagement and overall understanding of retirement savings. As individuals approach retirement, access to personal retirement guidance also becomes increasingly important in helping them understand their options and make informed choices.

“Improving engagement can be hugely beneficial for employees in supporting better financial wellbeing, reducing financial stress and helping people to feel more confident about their future. This in turn have a positive impact on business productivity and help employers better plan for retirement across their workforce. For employers looking to support their workforce, specialist workplace providers can help deliver structured, robust support at scale.”