Have you lost unclaimed funds through your pension pot?
Retirement traditionally marks the end of employment, and it should be the time to take a load off, without stress. After 40 years at work, the last thing you want to be worried about is unclaimed funds in your pension pot. But almost 5.5 million pension records are waiting to be claimed!
At an estimated £400 million in unclaimed pensions savings, it accounts for one the largest contributors of lost assets.
So why is this cash going missing?
The most common problem is when an individual is unable to inform their pension provider of their new address. If the provider is unable to contact the policy holder via their address, money can quickly slip through the cracks and become forgotten about. The financial institution will then class these customers as missing, or ‘gone away.’
Many people struggle adjusting to a lower income after work, so it’s vital to safeguard your pensions. If you’re not enjoying your full pension benefits, you may be forced into an arduous retirement, rather than a comfortable one.
Statistics published by Equiniti revealed that the average person will have at least six jobs in their lifetime. When an individual leaves one job for another, it can be easy to forget to notify your pension provider of your new company. Many people even take out a new pension and completely forget about the old one. If the provider is unable to contact you and you have forgotten about them, it is very simple for owed money to become trapped and left unclaimed.
Things became more complicated when companies began to move their pensions over to financial institutions, opposed to storing them in-house. The combination of businesses and financial companies make it a much more complex process to get your money back.
Although unlikely, your company may not have even told you that you were paying into a company pension scheme!
Our advice would be to ensure that you’re on top of all your pension policies, guaranteeing that they have all your relevant contact details and employment histories.
However … not enough is being done by pension providers to track individuals with outstanding policies.
If you think that you might have a sum of outstanding money owed to you through a pension scheme. Monimine allow you to search for unclaimed assets for FREE. Simply enter your details into the registration, and if your information matches with the data we have collated from UK financial institutions, we can help you to reconnect with your money. www.monimine.com
Josh Cousens – Monimine