Advertisement

Lockdown chores for pension savers

Add tracing your old forgotten pensions to the list of chores to do with your lockdown free time.

Those filling their lockdown time with chores they’ve been putting off for years should add tracing old pensions to the list. New research suggests that millions of savers have lost track of pension money worth an average of £13,000.The Association of British Insurers (ABI) said pensions worth £19.4bn are going unclaimed simply because their owners once moved home and failed to notify their pension provider of their new address. The ABI’s members have 1.6 million pensions without a traceable owner.

Advertisement - Article continues below

Anyone who thinks one of those pots may belong to them should check their records. Does every employer and private sector pension provider you have ever saved with know your current address? If it is possible you have lost touch with a provider – where you haven’t heard from it for some time, for example – now is the time to make contact. If you don’t know where to find a former pension provider, the government’s Pension Tracing Service may be able to help. 

While you’re at it , check you’re receiving your state pension benefits in full, including both the state pension and the Pension Credit top-up. Some one million pensioners fail to claim the latter, according to charities, while others are missing out on the former. In one recent case, an 80-year-old man who continued to work after retirement age thought he was ineligible for the cash; he received a £140,000 pay-out when the error came to light. Note too that new pension claimants will from this week be prevented from using Post Office Card Accounts to receive their money. Some 900,000 people have such accounts (and existing claimants can keep using them) but a government contract with the Post Office is due to end in 2021 and it is now phasing out this service.

Advertisement
Advertisement

Recommended

Companies cut back on their pensions bills
Personal finance

Companies cut back on their pensions bills

Britvic is the latest firm hoping a cheaper inflation index will cut pension costs. David Prosser reports.
28 Aug 2019
The drawbacks of pension drawdown
Pensions

The drawbacks of pension drawdown

Income drawdown – tapping your pension savings for income – can be risky, says David Prosser. Here's what to watch out for.
11 Aug 2020
Covid-19 sees a surge in early retirement
Pensions

Covid-19 sees a surge in early retirement

The number of people taking early retirement has risen by more than ever before, says the ONS – in part because of problems in the labour market cause…
7 Aug 2020
We're all going to have to be a lot more flexible
UK Economy

We're all going to have to be a lot more flexible

As the world gets older, we'll all have to retire later and finance it for longer. That's going to take a major rethink about an awful lot of things, …
6 Aug 2020

Most Popular

Eagle Lightweight GT: the reincarnation of the E-type Jag
Toys and gadgets

Eagle Lightweight GT: the reincarnation of the E-type Jag

Jaguar’s classic E-type sports car has been reinvented for the modern age. The result – the Eagle Lightweight GT – is a thing of beauty.
7 Aug 2020
Platinum: the precious metal that looks set to play catch-up with silver and gold
Silver and other precious metals

Platinum: the precious metal that looks set to play catch-up with silver and gold

Gold and silver continue to soar, but there's still time to get in. And there's another precious metal that looks set to go on a bull run too, says Jo…
7 Aug 2020
UK house prices hit a new record high – can it last?
House prices

UK house prices hit a new record high – can it last?

Despite the pandemic, UK house prices have hit a new high. John Stepek looks at what’s driving the surge in prices, and what it means for house prices…
7 Aug 2020