Pension alert as you could have thousands unclaimed – Britons urged ‘explore all avenues’

World News

Expert reveals tips on how to save for retirement

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Pension saving usually occurs over a number of decades, and for this reason, it can be easy to lose track of arrangements. As people move jobs and addresses, they can often forget about old savings.

However, it will be key to track these down, as it could help to bridge an income gap in retirement. 

Express.co.uk spoke to the Pension Protection Fund, where a spokesperson offered insight into what to do if Britons have lost track of their savings.

They said: “If you’ve lost the details of your pension, there are several avenues you can explore. 

“First of all, the Pensions Tracing Service is a free Government service.

“It has been designed specifically to help people who have lost track of their pensions. 

“Secondly, if the employer who offered you your pension is still in business, they should be able to help you get in touch with your pension scheme.”

If a person knows their former company was taken over by another business, they may also be able to act.

Getting in touch with the new company’s Human Resources (HR) team is likely to be the best course of action.

DON’T MISS
Martin Lewis shares new Virgin Money 1% deal for savers [INSIGHT]
500,000 people to miss out on state pension boost [UPDATE]
State pension: Rishi Sunak urged to increase sum to £19,760 per year [LATEST]

These individuals should be able to tell the person who they should contact about their old pension.

But the Pension Protection Fund has warned it is important for Britons to get their ducks in a row as much as possible.

They continued: “It’s important to provide as much information as possible to help these organisations to help you. 

“Details that will be helpful are your date of birth, National Insurance number, past and current addresses, the address of your former employer and the start and finish dates you were employed.”

Only last week, the Government was provided with additional powers to use savings which have lain dormant for a number of years.

A public consultation will launch in the summer to consider good causes to benefit from the £880million lost by Britons.

The Dormant Assets Scheme will be expanded to include insurance, pensions, investment and wealth management and securities sectors. 

However, it is always possible for individuals to find their cash again – it does not have to be lost forever.

What is happening where you live? Find out by adding your postcode or visit InYourArea

Once a person has been reunited with their pension, this is not necessarily the end of the action they will have to take.

The PPF reminds Britons it will be important to check their personal information is correct, and their contact details updated.

This will ensure people avoid losing track of their pension again.

They added: “Hold on to any correspondence you might receive about your pension.

“If your former scheme has a member website, register and keep a note of your log-in information. 

“You can contact your former scheme each year to ask for an up-to-date benefit statement to keep track of what you might expect to receive when you retire.”

Source: Read Full Article