LONDON, September 14 /PRNewswire/ --

Over half of UK adults have no idea how much money they've
built up in pension schemes - and one in six people have no details of where
their money is saved.

Findings(1) published today by Government website Directgov
show that an alarming number of people aren't keeping track of pensions
savings which could make a substantial difference to their retirement income.
People could be losing out on pension entitlements worth thousands of pounds.

The national survey found that one of the main reasons for
losing track of pensions is the number of times people change jobs, with one
in five UK adults changing jobs five times or more by the time they are 34
years old.

It also found that one in three Brits aged over 18 have two or
more pensions illustrating that this problem is likely to get worse.

To help people track down their lost pension, the government
has launched a free pension tracing service at http://www.direct.gov.uk, the
website which brings public services together all in one place.

Fifteen per cent of those surveyed said the reason for losing
track of a pension is because they believe it is not worth much. However,
people can be pleasantly surprised if they decide to trace previous pensions.

Tony Douglas, a 59 year old civil servant from Newcastle,
thought his old pension scheme was worthless until he used the pension
tracing service via Directgov and discovered it was worth GBP25,000.

Tony Douglas said: "Finding out that my old pension scheme was
worth thousands of pounds was a great surprise. Needless to say that this
cash will certainly make a huge difference to my standard of living once I
retire. It doesn't take very long to use the pension tracing service but the
results could be life changing."

Tiffany St James, Director of Communications for Directgov,
said: "Saving for the future is crucial but our research suggests many UK
adults are losing touch with their pensions and don't know how much money
they have saved. The free pensions tracing service on Directgov gives people
an opportunity to trace 'lost' pensions, enabling them to better plan for
their future. For those without access to the internet, you can also order a
pensions tracing form through Directgov digital television or call the
Pension Tracing Service on +44-(0)845-6002-537."

Nicolas Owen, BBC News Presenter said: "Your pension is one of
the most important financial asset you have, so it's simply astonishing to
hear that so many people are losing track of their money throughout their
professional lives. Excuses given range from being disorganised to moving
house to thinking they are worthless, but the fact is that this is your
future - your retirement, so it is vital that your track these funds down. It
is estimated that there is a large pot of money out there, so it's worth
going on Directgov to see if you have a share of this sum."

The Pension Tracing Service helps people find pension schemes
they may have mislaid details for. With access to a database of over 200,000
occupational and personal pension schemes, this free service can provide
individuals with contact details for their lost pension schemes. In addition
to the tracing service, there is a wealth of information, services and
transactions available on Directgov, from advice on retirement and wills to
taking a course, finding a new job to understanding benefits rights, planning
a journey and finding out about local recycling schemes.

Notes to Editors

- The direct URL to the pension tracing service is
http://www.direct.gov.uk/pensionstracing

About Directgov

Directgov, the government's flagship digital service brings together the
widest range of public service information and services in one place;
available on mobile phones, digital television and the website
http://www.direct.gov.uk

Directgov is the largest cross government initiative, joining up central
and local government's service delivery, in a way that is easy to use and all
in one place for citizens.

Launched in April 2004, Directgov now attracts more than 5 million visits
a month.

The site also provides access to government directories, as well as links
to relevant third parties who can offer additional trusted advice and
support.

Reference

(1) ICM Research interviewed a random sample of 1001 adults aged 18+ by
telephone between 31 August to 03 Sept 2007. ICM Research is a member of the
British Polling Council and abides by its rules. Further information at
http://www.icmresearch.co.uk.