He adds: "This will be made easier with the introduction of pensions dashboards which, when launched, will have information about all a saver’s pensions in one place; it is estimated to be up and running by the mid 2020s."
At present, the government’s Pensions Tracing Service can help track down lost pension pots. But Yuille adds: "When thinking about retirement, we need to consider the time we have in later life, with a quality of life that encourages us to embrace this period fully.
"Increased life expectancy means that on average a man aged 55 can expect to live for a further 24 years; while a woman at the same age can expect to live for a further 27 years.
"The Money and Pensions Service now offers a 'Midlife MOT', which looks at a person’s physical and financial wellbeing; using services that can reaffirm savers’ goals and priorities during retirement can be extremely beneficial to gaining peace of mind over their retirement futures."
There is also value, according to Tom Selby, senior analyst for AJ Bell, in making plans now for retirement so that they can work out what they need to do to get on track.
He explains: "Anyone wanting to convert their retirement pot into an annuity who is within five years over their chosen retirement date should think about switching to safer investments like bonds and cash so they aren’t exposed to short-term market fluctuations.
"For those planning to take an income via drawdown, a variety of factors – such as the person’s health, appetite for risk and the other assets they hold – will play an important role in the decision someone takes.
"Lots of people will want to shift to an income-focused strategy when they enter drawdown, but given a healthy 65-year-old might expect to live 30 years or more, the risks in their underlying portfolio will not necessarily need to alter substantially.”
But beyond this, savers should be dedicated to making every penny count now and in the future.
To do so, says Steven Cameron, public affairs director at Aegon, the best thing individuals can do is "gain a proper understanding of what they are on track to receive from all defined contribution and defined benefit workplace and individual pensions, as well as how much state pension they’ll receive from when.
"Based on this, their adviser will be able to assess if current contributions are adequate or need increased. It’s also important to make sure investment strategies reflect not just attitude to investment risk but also how they plan to take income – annuity, drawdown or even cash."
