Could You Be One of The One in Twenty People With a Lost Pension?
Vicky Parry from MoneyMagpie is here to help you find out if you are one of the one in twenty people who are sitting on a stash of cash that they have no idea exists.
Believe it or not, there is an estimated £19.4bn worth of pensions currently lost or forgotten. That’s right, almost 20 billion Great British Pounds floating in the ether, waiting to be claimed. If you trace your pensions, you may find that some of it could be yours!
Millions of people are at risk of missing out on a more secure retirement because of this. Needless to say, there are multiple benefits to tracing lost and forgotten pensions.
Why not take the time to track down any missing pension pots and investigate your personal finances?
New research suggests that as many as 1 in 20 people may have lost or forgotten a pension.
It’s a startling statistic – especially when you consider that the average ‘lost’ pension amounts to a whopping £9,500. A cash injection like that is something we could all do with in the current economic climate.
Duncan Stevens from a free pension tracing service called Gretel says that “We estimate there is £78 billion sitting in dormant accounts, with the biggest pot being in unclaimed pensions. Worryingly, a staggering amount of this - potentially as much as £15bn - belongs to people who are no longer with us.
Due to the vast number of pension schemes in existence and the requirement to remember key details about the lost relative, such as their employment history, people often find it far more difficult to track down old pensions in these circumstances. Helping people look for accounts belonging to lost relatives is therefore an important part of our mission to get the billions of pounds of dormant, lost and unclaimed money back into the hands of those to whom it belongs. In removing the need for much of this additional
- One way is to do it manually yourself, using the Government’s Pension Tracing Service (https://www.gov.uk/find-pension-contact-details), putting in any information you have about former employers and former addresses, contacting HMRC and the Pension Protection Fund (https://www.ppf.co.uk/schemes/index) if necessary.
- Another is to put your address and date of birth (or those of your deceased relative) into Gretel.co.uk and let them or one of the other schemes search for you for free.
Read more: Your pension explained
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