15 June 2022
Although the people of the UK are constantly being warned that they are facing a pensions crunch in the future, in fact, hundreds of thousands of them are owed money in “lost” personal and company pensions.
The world of work has changed significantly over the past few decades. These days, the “job for life” concept has long gone. Now, people switch employers on a regular basis, and this has led to most people having multiple small pensions that are all too easy to lose track of.
Many pension providers are simply sitting on those assets, often long after those who are entitled to claim them reach the age of 75 or older. The problem is compounded by the fact that people change address relatively frequently, so it becomes difficult for those providers to make contact.
Yet, since only 40% of people aged 55 or older expect to be comfortably off during their retirement, it’s never been more important to locate that lost pension money. Fortunately, there are ways to do this by spring cleaning your finances to find your hidden treasure.
How can I find my missing pensions?
If you believe you have money in missing pensions out there, there are a few ways that you can track them down. If you’re rapidly approaching retirement, locating this hidden treasure could give you a valuable financial boost once you quit work, and if you’re still saving up, you may be able to find a higher-performing scheme that could put your existing funds to better use.
Speak to our team at Corinthian Benefits. Our dedicated team can do the hard work for you – in finding old pensions and advising you on your options for what to do next. Our pension management service my corinthian, enables you to keep all your pensions together in one place.
Not Too sure if you have missing pensions?
We can still help! Thanks to the Pensions Tracing Service, we can simply supply a few details such as the name of your scheme provider or employer and preferably an address. The service will search its database of personal and occupational pension schemes to locate the contact information for the scheme’s administrator so we can then get in touch with them to find out more about how much money you have stored away.
If you want help, drop us a line at [email protected], or call 0208 189 6100
