This is according to a new survey from Friends Life, in which 10 per cent of respondents had no record of their corporate pensions held with previous employers, and 32 per cent were unsure where the relevant paperwork was.
The financial services company fears the trend could get even worse in the coming years; their research suggests that there will be more than a seven-fold increase in the number of small pension pots in the system by 2017, with 370,000 worth less than £2,000 created each year. This could equate to an extra £74m in pension savings being lost on an annual basis.
Such figures reflect the blasé attitude that a growing number of people are displaying towards retirement planning.
Colin Williams, managing director of corporate benefits at Friends Life, doesn’t think enough air time is being given to the pensions crisis.
"This astounding research shows that people are not paying enough attention to their pensions," he said.
"We believe that, every year, individuals are losing out on significant savings held within pension funds that they are unaware they have."
The survey also indicated that more than 30 per cent of people have pension pots with two or more employers, with a further 5 per cent unsure of how many pots they have.
More than 40 per cent of respondents said they were not paying any charges on their pensions, while a further 26 per cent thought their pension didn't cost them anything as "their company pays".
Women were shown to be more apathetic when it comes to pensions and are less likely to know how much their pot is worth, with 72 per cent of female respondents ignorant of the collective value, compared with 64 per cent of men.
According to the study, women are also less likely to keep track of their pension’s documentation, with more than 11 per cent having no record of their pensions, compared with 9 per cent of men.
Williams believes this could lead to a whole generation of people who are unprepared for their retirement.
He said: "It is imperative that people are aware of where their money is and what it is doing for them. Too often pensions are deserted and not considered properly before it's too late."
"Making sure you are aware of the pensions you have, the amount you and your employer are paying, what charges there are and how much each pension plan is worth is essential for retirement planning."
Williams recommends people keep on top of pensions by ensuring they track down all investments made via previous employers, maintain a list of all policy details from previous corporate pensions, and keep providers up to date with contact details.
"We always urge consumers to think about these factors long before they approach retirement," he finished.
SJP’s Ian Price recently told FE Trustnet that pensions were no longer suitable for the modern employee.