Why are UK expats losing track of their unclaimed funds?
Emigrating to a foreign country brings plenty of potential banana skins. There is so much to organise, and you can be forgiven for forgetting about minor details. With so much preoccupation of settling into your new home in an unknown place, it can be easy to forget about your financial accounts from the UK. But this can be the catalyst for unclaimed funds.
As with all records, if you move house, it’s vital to notify the relevant company of your new address. Every time you move, the likelihood of one of your financial providers losing your current details increases. When you move to the other side of the world, that likelihood increases further.
Any companies holding your records can also merge or be bought out. This can be another factor for vital information going walkabouts.
Expats can lose unclaimed funds through an array of financial accounts. However, pension pots, bank accounts and premium bonds are amongst the worst offenders;
“It is estimated by some that there is over £3bn in unclaimed personal and workplace pensions held in the UK in over 1 million pension accounts.”
If your retirement date is creeping closer, and you haven’t received any pension documentation, there may be a problem. If you’ve worked in a bunch of jobs throughout your career and now live in a different country, there’s a likely chance that one of your pension companies may have lost track of you.
It’s equally likely that you could forget about your pension company, which means the chances of your pension funds becoming unclaimed are doubled!
Experts For Expats said; “if you haven’t received your pension statement for over a year, it is possible that your pension has joined the increasing number of lost pensions.”
Forgetting to pass on your new address to product providers can also create unclaimed fund issues with your bank accounts. You may have had a number of bank or building society accounts in the UK. If one has slipped your mind, it will be difficult to reconnect with any assets inside the account.
It is not uncommon for this to happen. Cashy quoted that; “the overall total value currently lying in dormant accounts in the UK (those that have been inactive for 15 years or more) stands at more than £400 million.”
Individual unclaimed funds, owed to expats from premium bonds are huge. Money International revealed how; “One of the unclaimed prizes belongs to a woman living in Australia. Her £6 investment in premium bonds in 1967 won a £100,000 prize in 2007 that is sitting in the vaults at National Savings & Investments in London waiting for here to come forward.”
“Another £50,000 belongs to a winner whose last known address was in Japan. The winning bond was bought in 1993 and the prize remains unclaimed since 2011.”
There are hundreds of other prizes waiting to be collected by expats. NS&I have expressed that there is up to £47 million waiting for winners from Britain and overseas to pick up.
The Unclaimed Funds Solution
Are you are living out your days on foreign soil? If you think you may have left some money in a UK financial account, or would like to check if you did, we have a solution!
To prevent wasted time, effort and headaches, Monimine offers a one stop shop. By entering your information into the cost-free Monimine registration, we can verify whether you are owed any outstanding assets from UK financial institutions.
We will check all forms of accounts and policies. Including pension pots, bank accounts, premium bonds and many more.
Would you would like to discover if you are owed unclaimed funds from a UK account? Search for FREE at monimine.com.
Josh Cousens – Monimine.