Have you exhausted your list of lockdown chores yet? Research published in May 2020 from the Association of British Insurers (ABI) suggests that tracking down old pensions might be one task worth adding.
According to the ABI, there are about 1.6 million unclaimed pension pots worth £19.4 billion. That’s an average value of £13,000. The main reason these savings go unclaimed is because savers forget to tell their pension provider when they move home.
Does every employer and private sector pension provider you have ever saved with know your current address?
The ABI’s research of 2,000 savers found that 89% would contact their GP and dentist about a new address, and 66% would remember to notify their bank. Yet, only 4% would tell their pension provider – about the same number who would think to contact Amazon.
Providers are attempting to reunite savers with their lost pensions by sending letters to their last-known address, but with only one in 25 five people notifying them when they move home, it’s an uphill battle, said the ABI.
If you think you could be one of the many with unclaimed pension pots you could either use the governments helpful online service to track down past pensions by visiting GOV or ask a wealth management company such as Cranwell Wealth Solutions to do this for you. You should then seek advice as to what to do with your unclaimed pension pots.
Peter Morris Chartered Financial Planner from Cranwell Wealth Solutions comments: "It never ceases to amaze me just how much value we are able to add to a client when we go about tracking down old pension pots on their behalf. From simply streamlining and reducing their administration, to explaining any additional benefits they may be entitled to that they weren’t aware of can make a huge difference. Clients will often have accumulated pension pots from various employers which may not be working as hard as they could. It's a brilliant exercise to go through with a client and can start to form a picture of how the retirement they are working towards may look and what action can be taken to improve that too."
If you would like Cranwell Wealth Solutions to conduct a review of pension pots you may have, simply email Peter Morris directly at email@example.com you are under no obligation to act on any such review.
The process works by Cranwell Wealth Solutions locating all of your pensions, then discussing what this means for you, reviewing the pro’s and con’s of consolidation. The aim is to establish a clear idea of what you have and develop a plan to move forward.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.
An investment in equities does not provide the security of capital associated with a deposit account with a bank or building society.
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