More than 1.6 million have a 'lost' pension - are you missing out?
Research carried out by the Association of British Insurers (ABI), estimated the total sum of missing pension savings in the UK, at a jaw dropping £20 billion. This amounts to 1.6 million lost pension pots, which the ABI say could remain unclaimed. The total could be even higher, as the research did not include lost pensions held in the public sector, or with trust based schemes typically run by employers.
Why are people “losing” their pension pots?
People are losing track of their pensions when changing jobs or moving home. The mobile workforce means that rather than the traditional “job for life” many people often switch employers and/or move around the country. The average person will have around 11 different jobs over their lifetime and move home eight times. As a result, nearly two-thirds of UK savers have more than one pension and this pattern is only set to continue.
What other concerns are there?
Millions of people have been brought into workplace pension saving schemes under automatic enrolment, meaning more pensions for people to potentially lose track of. It is estimated there could be as many as 50 million dormant and lost pensions by 2050.
The UK is sitting on a £20bn lost pension mountain, according to estimates from an insurance industry body.
Unclaimed pensions can make a real difference to millions of savers who have simply lost touch with their pension providers. The industry has stepped up its efforts to re-connect savers with their lost nest eggs, developing a new framework launched earlier this year to help pension providers trace ‘gone-away’ customers more consistently.
How we can help
McCrea Financial Services can talk you through how your pensions operate, simplifying this often complex area, helping you to understand how much money you have, how much money you will need and how to start saving for a comfortable retirement that's right for you!
When planning for retirement you need to know how much income you will receive from all of your pensions. When it comes to reconciling and indeed in some cases tracking down existing investments, pensions and policies, we are pleased to offer this service. With this information to hand, our specialist advisers will discuss your priorities and objectives and work with you to create a personalised plan which helps you to prepare for the years ahead.
Need a 'Financial Health Check'? Why not visit our website for information on making the most of your finances for 'Every Stage of Life'
If you would like to arrange an initial free no-obligation meeting to find out more, you can call us on 0141 572 1340 or email firstname.lastname@example.org.
You can also visit our website for information on Pensions and Retirement Planning here.