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'Billions wasted on old policies'

Pensions from old jobs hit by poor investment strategies and high charges are causing billions of pounds to waste away, according to an expert.

James Salmon, writing for This Is Money, claims that as the average British worker now gets through several jobs over a lifetime, they could be saving into a new pension with each one.

As most of us have at least one small pension pot taking up space somewhere, it can be difficult to keep track of all these investments - particularly if the amounts involved are relatively small, James says.

Step one in sorting out these policies is to figure out exactly what you have - if you have been letting former employers know of every change of address, then you'll receive annual statements on all your investments.

If not, ring your old employer and ask for the name of the pension administrator. Be prepared to give personal details such as your national insurance number or old payroll details - information you can get on old pay slips lingering among your old paperwork. This will allow you to find out what your pension is worth, how much it has grown, what you've invested and and everything you've invested it in.

Copyright © Press Association 2011

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