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

Hong Kong’s crown slips as Singapore takes over
Asian economy

Hong Kong’s crown slips as Singapore takes over

As international sentiment sours on Hong Kong, other Asian financial hubs – primarily Singapore – are snapping up business.
6 Jul 2022
Price of gas soars as Moscow turns off the taps
Gas

Price of gas soars as Moscow turns off the taps

As Russia cuts its gas exports to the EU, the price of natural gas continues to rise. Restricted supplies could see energy rationing and recession i…
6 Jul 2022
Low growth and high inflation: a toxic cocktail for anxious markets
Stockmarkets

Low growth and high inflation: a toxic cocktail for anxious markets

Low growth, high inflation, central bank tightening, a strong dollar, and the risk of recession is proving a toxic cocktail for world stockmarkets – a…
6 Jul 2022
How to cut the cost of childcare
Personal finance

How to cut the cost of childcare

Childcare is expensive, yet few people are drawing upon all the government support they are entitled to. Ruth Jackson-Kirby explains what help is avai…
6 Jul 2022

Most Popular

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
Is inflation about to drop as recession takes hold?
UK Economy

Is inflation about to drop as recession takes hold?

Central banks are raising interest rates in an attempt to curb soaring inflation. But will that push the economy into recession? John Stepek looks at …
5 Jul 2022