It is estimated that there could be as much as £15 billion of unclaimed financial assets in the UK that is simply sitting in old bank accounts, pensions, life assurance and investments, just waiting to be reclaimed.
Tracking this money is becoming ever-easier, with websites such as http://www.mylostaccount.org.uk providing a free service on behalf of the British Bankers’ Association (BBA), the Building Societies Association (BSA) and National Savings and Investments (NS&I).
Recognising that not everyone has access to the internet, the three sponsors will continue to provide their paper-based search facilities. PDFs of these are available from the BBA, BSA and NS&I websites, or can be picked up from your local bank or building society.
Spending a small amount of time investigating your old account’s, or those belonging to a deceased relative, could lead to an unexpected and welcome windfall, as it did for one persistent individual who unearthed an old Scottish Widows pension that emerged to be worth £39,000.
Careful financial planning and well managed investment forms an essential part of ensuring a secure future, but stories like this demonstrates that past investments shouldn’t be forgotten either.
If you’re some way from retirement, you should still take an interest, as your ‘lost pension’ is likely to be suffering from high charges. It may be prudent to check for exit penalties and consider switching provider to get the best deal.
If you would like to speak to one of our pension and investment experts, please call us on 0800 731 7614 or e-mail firstname.lastname@example.org and we’d be delighted to help.