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.

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.

Recommended

Russia and Ukraine: what does Putin want?
Global Economy

Russia and Ukraine: what does Putin want?

Russia's president Vladimir Putin has many reasons for his military build-up on the border with Ukraine, but the costs of an invasion would be extreme…
29 Jan 2022
The charts that matter: gold proving no safe haven
Global Economy

The charts that matter: gold proving no safe haven

Tech stocks fell yet further this week, while gold followed suit. Here’s what happened to the charts that matter most to the global economy.
29 Jan 2022
Cryptocurrency roundup: Putin backs crypto-mining, and spoof McDonald’s coin takes off
Bitcoin & crypto

Cryptocurrency roundup: Putin backs crypto-mining, and spoof McDonald’s coin takes off

Saloni Sardana looks at the cryptocurrency stories that caught our eye this week.
28 Jan 2022
Are recession fears justified? Maybe it’s time to look on the bright side
Economy

Are recession fears justified? Maybe it’s time to look on the bright side

There's a lot to feel nervous about right now, and many people are worrying about an impending recession. But it's by no means certain, says John Step…
28 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Amazon halts plans to ban UK Visa credit card payments
Personal finance

Amazon halts plans to ban UK Visa credit card payments

Amazon has said that it is to shelve its proposed ban on UK customers making payments with Visa credit cards.
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022