A staggering £64.7 billion is currently unclaimed in lost pensions and investments.
These unclaimed assets could take the form of a bank account, pension, insurance policy, or premium bonds. Due to the nature of these lost assets, many individuals may be oblivious to the fact that they have a significant sum of money tucked away that they can easily reclaim.
Pensioners also have the ability to reclaim their lost assets independently through a relatively straightforward process. However, it’s crucial to understand that claims can only be effectively made on employer and private pensions, not state pensions.
How to locate unclaimed pensions
Maintaining an accurate record of your pension schemes is essential for anyone who might be interested in claiming pension benefits after retirement. Initially, individuals are advised to sift through all of their old paperwork and get in touch with the HR department at their former employer.
The HR department should be able to provide you with the details of your previous workplace pension scheme.
Pension Tracing Service
However, if that doesn’t yield results, you can also utilise the free Pension Tracing Service.
To access this service, all you need to do is enter your details and you should be able to locate your workplace or personal pension schemes. It’s important to remember though that this service does not inform you if you have a pension or what its value is.
You can also reach out to the Pension Tracing Service on 0900 731 0193.
Claiming for a deceased relative
The Pension Tracing Service also provides a facility to check for any accounts under the details of deceased relatives. The account provider will then get in touch to verify your identity, ensuring that any unclaimed funds are appropriately allocated.
However, it’s crucial to ascertain that the account is indeed classified as lost before making a claim. The outcome of a claim can vary based on whether the deceased relative left a will and its specific details, as well as if the original estate was granted via a grant of probate – a document that essentially permits the allocation of a deceased relative’s estate.
