Pensioners in Britain could be missing out on their share of £65billion, as they’re urged to make a simple check.
Research from Standard Life, part of Phoenix Group, revealed one in four people over 55 have never checked their pension.
While younger people are more likely to have viewed their pensions, only six per cent of of 18 to 34 year olds, have never checked the status of their retirement savings.
According to the Association of British Insurers (ABI) at least £31.1bn is lying unclaimed in lost UK pension pots, free pension and investment tracing service Gretel up to £65bn could be missing.
Mike Ambery, retirement savings director at Standard Life, urged savers to check up on their pension.
He said: “It’s very straightforward to check what your balance is, and your pension provider or employer should be able to help you do this if you’re unsure of how to.
“You should aim to review how much is in your pot at least once a year to give you a better idea of how to plan, whether that’s deciding if you should increase your pension contributions or change the type of investments in your plan.”
If you know you have a pension, then it should be pretty easy to check whether your savings are on track, with Mike offering four simple steps to take:
- How do I check how much is currently in my pot? He says: “You should receive an annual statement from any workplace and personal pensions – this will be sent to you by your provider. “If you don’t receive a statement, then you can ask for one. Make sure your provider has the right contact details for you so that you are able to receive relevant information.“You can often also access your pension details online, if you’ve set up an account, or through your provider’s app.”
- How can I see what my pension pot might be worth in retirement? “Your annual statements will provide an estimate of your future pot value, and the regular retirement income your pension is on track to generate. This is based on you using your pension pot to buy a guaranteed income for life (known as an annuity), although there are other ways to access your savings.
- How do I check what I’m contributing to my pension, and can I make top-up payments? “You can check what you contribute to any personal, workplace or self-employed pensions through your pension statement. You can also make any additional payments into your pension at any time you like. To top up your private or workplace pension, you can usually make both regular contributions and one-off lump sum payments.
- Can I find out how much my current pension pot might be worth in future? If you save money into a pension plan, it’s worth knowing if your savings are on track to help you afford your ideal lifestyle after you stop working. Many providers offer pension calculators that can help you decide if your current pension payments will be enough to fund your retirement lifestyle. It can also help you see if you need to start saving more.”
It is not just pension cash that is missing, an estimated £89bn or more is lying in dormant other types of savings and investments, going unclaimed.
According to Gretel a free pension, saving and investment tracing service there is at least £64bn sitting in lost pensions:
|
|
|
||
|
Financial Product |
Total lost/dormant |
Estimated total volume |
Average account value |
|
Pensions |
£64,750,000,000 |
2,800,000
|
£23,125 |
|
Bank & Building Society Accounts |
£4,500,000,000 |
14,000,000 |
£321 |
|
Child Trust Funds |
£5,755,050,000 |
2,646,000 |
£2,175 |
|
Securities |
£2,500,000,000 |
2,000,000 |
£1,250 |
|
Investments & Wealth Management |
£2,800,000,000 |
1,000,000 |
£2,800 |
|
Life Insurance |
£8,115,311,795
|
3,409,795 |
£2,380 |
|
NS&I |
£81,025,600 |
2,324,683 |
£35bn |
|
Total |
£88,501,387,395.00
|
28,180,478 |
£3,141 |
Pensions – 2.8 million pension accounts – worth £64bn – average value of £23,125 each.
You can track down a pension using the Pension Tracing Service on 0800 731 0193 or https://www.gov.uk/find-pension-contact-details
Bank and building society savings accounts – 14 million accounts – worth £4.5bn – average value £321 each. Find yours using the My Lost Account website at https://www.mylostaccount.org.uk
Securities – these are shares, bonds and exchange traded funds -and Yyu can find lost shares using Gretel and the Investment Association’s unclaimed assets portal on https://www.theia.org/unclaimedassets
Investments – of around £2.8bn and an average amount unclaimed £2,800. These can also be claimed via the unclaimed assets portal https://www.theia.org/unclaimedassets
Life insurance – 3.5 million accounts – total value £8.1bn average of £2,380 each. If you have an idea of the company who the insurance policy was with contact that provider, if you are unsure use the unclaimed assets register on 0844 481 81 80.
NS&I accounts – total £81m – average value £35. Fill in an online form at NS&I https://www.nsandi.com/help/lost-touch-with-nsandi/track-lost-investments or use the My Lost Account service at https://www.mylostaccount.org.uk
Child Trust Funds (CTFs) – 2.6 million children – total value £5.7bn or £2,175 each. Find your child’s or your lost CTF using HMRC’s CTF tracing service at https://www.gov.uk/government/organisations/hm-revenue-customs/contact/child-trust-fund
Gretel’s free tracing service is available at www.gretel.co.uk simply put in your date of birth name and address(ess)
Have you discovered a lost pot of pensions cash, or even a missing annuity. Or are you trying to trace some missing money. Contact samantha.downes@reachplc.com
