You should do things differently each decade.

Seven minutes of admin is all it takes to start the process of tracking down your lost pension pot, which is usually worth £9,500 on average.

This has been proven in a timed experiment for the Pension Attention campaign, where 400 people took seven minutes and 29 seconds on average to use the government’s pension tracing tool.

It takes longer to listen to the first three songs on Taylor Swift’s Life of a Showgirl album, or to brew and sit down with a cup of tea, than it does to start the process of tracking down the money you’re entitled to.

The research comes ahead of national pension tracing day on Sunday October 26.

Lost pensions are those that’ve been forgotten about or pensions that people were aware of but did not know how to locate, making it difficult to claim at retirement.

The ‘find pension contact details’ service

So, where do you go to find the details to locate your pension? Check out the government ‘find pension contact details’ page.

The study participants only consisted of those whose employer was listed on the Government website, but they were then able to find their provider’s contact details and initiate contact by phone or letter.

With nearly £10,000 up for grabs on average, it’s worth the effort.

‘With just a few minutes, you can give your savings a real boost by visiting pensionattention.co.uk and use the pension tracing tool to reconnect with forgotten pots and follow our tips to better understand your pension,’ Mark Smith, spokesman for the Pension Attention campaign, says.

He recommends thinking back to past jobs and checking through old paperwork to fill in gaps in your pension history.

‘Don’t forget to update your provider with your current details so you stay connected to your savings for the future,’ he adds.

The Pension Attention campaign is co-ordinated by the Association of British Insurers (ABI) and Pensions UK, and funded by firms in the pensions industry.

The issue of lost pensions is looming large, according to Helen Morrissey, head of retirement analysis at Hargreaves Lansdown. A recent FOI showed the pension tracing service fielded 274,000 calls in just under five years.

‘Providing contact details for employers and providers will have helped thousands of people reunite with pensions they lost track of years ago,’ she explains. ‘It’s a quick call that can leave you thousands of pounds better-off in retirement.’

There’s still a way to go, with the Pensions Policy Institute estimating there could be as many as 3.3 million lost pensions out there.

‘This is all money that can make a significant improvement to people’s lifestyles in retirement and could be the difference between struggling to make ends meet and being able to enjoy your golden years,’ Helen adds.

Tracking down your pension

The pensions dashboard, which will help people see all their pension pots in one place, will make it easier to track down pensions.

For those looking to track down a lost pension, Helen says: ‘Make a list of everywhere you have worked and check to see if you have pension paperwork for them.

‘If you don’t, and you suspect you had a pension with them, then give the pension tracing helpline a call. You will need either the name of the company you worked for or the pension provider.

‘The service won’t be able to tell you if you have a pension with them but they can give you contact details so you can track it down.’

Once you’ve located all your pensions, you can consolidate them into one place, which can save you time, admin and costs. It’s important to compare your old provider with what your new one can offer you, too.

‘What are the fees like? What kind of investment choice is on offer and what support is available to you?’ Helen explains.

‘Having one overarching view of what you have can transform your retirement planning as you will view one larger pension in a different way to several small ones which you may be tempted to cash in and spend.

‘Before you take the plunge, it’s really important to check that you won’t be incurring expensive exit fees by transferring out.

‘Another thing to be careful of is the potential to miss out on important benefits such as guaranteed annuity rates, which could be lost if the pension is transferred.’

Why combine your pensions?

According to senior pensions and savings expert at AJ Bell, Charlene Young, there are three good reasons to combine your pensions.

A chance to lower your charges

‘Different pension companies charge varying fees for managing and investing your pensions and an older style lost pension might have high annual charges,’ Charlene says.

‘If you move to a plan that offers better value for the features you need, you’ll end up paying less and giving your pot a boost over time alongside the extra money you’ve found.’

Fewer pension pots help you keep track of your total savings

‘[It also helps] estimate what that could give you in retirement,’ she explains. ‘Better information helps you make better decisions, like how much to increase your contributions, if you want to aim for a higher standard of living in retirement.’

Avoid one size fits all

‘Your lost pension might have been invested in a standard “default investment fund”, which is designed to be a one-size-fits-all solution,’ the expert adds.

‘Some ‘lifestyle’ funds even change the asset mix of your investments as you approach certain age bands which might not match your own retirement goals.’

Ultimately, taking control of your own pension investments can help match you reach your individual goals, according to the expert.

This is particularly important as you approach retirement and are thinking about how and when you’ll access your pension money.

The image of OAPs as using this money to simply top up their spending money on a SAGA cruise is wrong

It could end up costing you £10,000s.

You should do things differently each decade.

The recent news that pensioners are likely to get a rise of more than £500 a year in the state pension has been greeted with the usual howls of protest from some disgruntled young people. Indeed, many a time I have yelled at my radio in respo…

The image of OAPs as using this money to simply top up their spending money on a SAGA cruise is wrong

With the UK retirement age set to rise to an oh-so-miserable 68 by 2046, saving for a pension may feel like the last thing on your mind.

But, according to experts, putting away just £21 a month could land you with £26,000 more in your pension pot when the day finally rolls around. 

That’s the cost of a bottle of gin, and cheaper than a takeaway, a round of pints in central London, or a last-minute train from London to Brighton. 

It makes you think, doesn’t it?

It’s all thanks to the power of compound investment growth over time, aka, the snowball effect that occurs when the occasional saving grows into a bigger return.

Putting just 1% more from an annual salary of £25,000 into a retirement account could see someone’s ultimate savings go from £210,000 to £236,000, according to the experts at Standard Life. 

That’s provided they’ve been contributing the base auto-enrollment of 5% of their earnings since the age of 22, with their employer paying 3%.

If you go even further and increase your payments by £42 per month (7% of your overall salary), your pension could amount to a juicey £262,000 – an uplift of £52,000.

According to the pension experts, only 31% of UK adults pay over the minimum contribution into their pension.

Young people in particular have other money woes on their mind, but making this small difference could result in a sizable payout when it is time to retire, even if that feels a million miles away. 

Dean Butler, from Standard Life, urged Gen Z and millennials to think ahead, saying: ‘Starting early and contributing consistently is key, and some employers will match additional contributions, giving your savings an even greater lift. If you’re able to save more, your future self is likely to thank you.’

It’s worth remembering that not all people are destined to rely solely on their state or company pension. Savings can significantly bring down your retirement age.

According to advice from investment management company Fidelity, financial freedom after retirement is possible if people are able to have their annual earnings in the bank by the time they are 30.

For example, if someone earning £30,000 also has £30,000 in savings by the time they are 30, they are well set up for a life of financial freedom after they finish working.

Easier said than done, of course. And, with the average Londoner spending nearly half of their income on rent, this amount of saving will come with having to skip dinners out, holidays and a whole lot more.

But, some see that as a small price to pay for being able to live comfortably after a life of hard work.