Almost half of all employees in the UK have multiple pension pots, which could make it difficult for them to manage their funds when it comes to retirement.

New research has revealed 49 per cent of workers have money put aside in more than one scheme, while 58 per cent are unsure about the overall value of their provisions.

This could suggest individuals are struggling to manage their finances in preparation for later life, which may result in monetary difficulties further down the line.

Pensions minister Steve Webb recently announced the government is set to abolish short service refunds for defined contribution occupational schemes.

These enable people to get their money back if they leave a pension scheme before completing two years of qualifying service. He believes this will encourage more workers to start saving for their future using a pension scheme.

However, individuals work for an average of 11 different employers during the course of their career and this could be part of the reason why many find it so difficult to keep track of their savings.

Carried out by Aviva, the study found 67 per cent of respondents think it is important to see all of their pension provisions together in one place. While 64 per cent wanted to consolidate their savings, the vast majority (96 per cent) revealed they would be more inclined to do this if there was a simple method of doing so.

This is something that has been put forward by Mr Webb, while the Department of Work and Pensions has suggested it will discuss ways of transferring pension pots between different auto-enrolment schemes.

Currently, 34 per cent of workers are concerned about how they are going to properly manage their money when it is spread across various pension initiatives, while 75 per cent claimed they do not have enough cash put aside to live comfortably during retirement.

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