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You might be taken aback to learn just how expensive pension benefits are as we all live longer. In the financial year ending 2017, the UK government spent PS264 billion on welfare, which made up 34 per cent of all government spending. Of this welfare budget, PS2 billion - that is 1 per cent - was spent on unemployment benefit, PS111 billion - 42 per cent - was spent on pensions.

State pensions are paid out of a compulsory tax you pay throughout your working life, known as National Insurance. If you do not pay enough National Insurance you do not get the state pension. Note, however, that this National Insurance does not go into an account that is left untouched until your retirement; it is added to the government coffers each year, like all other tax that you pay. That is why people refer to the state pension as a Ponzi scheme, which is where whoever owns the scheme generates returns for established investors through money paid by new investors. Your National Insurance is currently funding today's retirees' state pensions. If the government of 2050 decides to abolish state pensions just as I retire I will not be able to claim a refund on all that National Insurance I've already paid.

PensionBee is an online service that will find your old pensions and consolidate them into one of a choice of its investment plans, 'tracker', 'tailored' or 'future world plan', run by wealth managers BlackRock, State Street or Legal & General. All come with low fees and are super-easy to view and keep track of online or on your phone. You will also be warned if moving your old pension could result in large penalties or loss of any benefits.