Your News: Lockdown Finances – Unclaimed Finances Worth £19.4bn!
During the last few months many of us have been getting round to the tasks that never get done. One really important job is to check you have updated all your pension providers with your current address. Unclaimed pensions contribute to a huge amount of savings.
There are 1.6m pension pots worth £19.4bn which are going unclaimed due to savers failing to contact their pension provider when they move house, according to the Association of British insurers (ABI). That’s an insane amount of money, so how has it managed to accumulate?
Well, research from the organisation, published on May 5th, found people rarely contact their pension provider when they move house, causing many to lose significant amounts of pension money they have simply forgotten about.
It is simple to do ,but just one of those tasks that is never top of the list to complete. All you need is to check the address on your last annual statement or log in to your provider’s website.
The UK Government predicts that there could be as many as 50m dormant and unclaimed pensions by 2050.
A technique you could use is to make a list of every company that you have ever had dealings with, and work through them methodically when notifying them of a change of address.
Moving house is stressful with many things to complete so it is easy to let low priority tasks slip through the net.
Some people have busier lives than others, but if you have a spare couple of hours this weekend, it could be a great time to track down your old pensions. It could be the most financially rewarding weekend you ever have!
If you’re in need of pensions advice or are unsure what pensions you currently have in place (or where they’re located), get in touch with Companion Financial Planning today: https://www.companionfinancial.co.uk / 01937 326 013
