Do you own one of the 1,600,000 pension plans where according to research by the Association of British Insurers (ABI) the pension provider has lost touch with the owner of the pension. These pots are estimated to be worth a total £19,400,000,000 – £19.4 billion.
The Department for Work and Pensions has estimated that during their lifetime the average person will have 11 jobs. Following the introduction of workplace pensions the estimate is that the number of dormant / lost plans will increase from 1.6 million to 50 million within thirty years!
According to the latest surveys, when someone moves home, advising their pension company of the new address is one of the lowest priorities with an average of only 4% of those surveyed thinking about telling their pension provider. A statistic that surprised me as this only beats the need to tell Amazon about the new address by 1%!
During this period of uncertainty, lots of people are undertaking jobs that are last on the list of things to do, so this could be the perfect opportunity to check that you are receiving annual statements for all the pension plans you are a member of, especially towards the end of this VE Day bank holiday weekend where the weather forecast doesn’t look like gardening weather.
Here at Christina Clegg Financial Planning Services Ltd we offer a Free Pension Review service designed to provide you with information about your current pension arrangements, to help you to decide whether you need financial advice. Once you have an idea of where all your pensions are simply call the office on 01282 614444 or hit the contact us tab above to arrange a call.
