Once you've put money into a savings account or pension, you’d think it would be yours forever, but did you know that if you forget about your accounts, the government can borrow the money?
A savings or pension account is classed as dormant when it hasn't been touched for 15 years and, according to asset-tracing firm Gretel, there’s around £50bn just sitting in forgotten accounts - of which almost £40bn is in lost pensions. There are around 1.6 million dormant pensions in the UK, according to the Pensions Policy Institute and, as people move from job to job and are automatically enrolled in multiple pension schemes, millions more pensions are expected to become dormant over the years. If the bank or pension firm can't reunite the balance with the rightful owner, it can be transferred into the UK Dormant Assets Scheme which the government plans to use to fund charities.
Only £93m has been reclaimed since the fund was established in 2008, so you should aim to track down and claim your lost assets before the government does, as it can make a huge difference to your eventual retirement income. We can do this for you.
One of the many advantages of using our services is that we can undertake all the work involved in tracing old pensions and savings accounts on your behalf, to ensure you reclaim anything you may have forgotten about. However, if you choose to do this yourself you could:
Finally, you should always ensure you keep bank and pension providers updated with your current contact details.