pension money

Pension Money in the Billions Unclaimed



Posted on: 10th November 2022

At this moment in time, the vast majority of people in the UK are non-the-wiser that there may be thousands of pounds waiting that could boost their retirement funds in the face of the current cost-of-living crisis. Early estimates are highlighting around 1 million people in line for a windfall that has no idea that this potential is hanging around them. The Association of British Insurers (ABI) are suggesting that 1.6 million unclaimed pension money pots in the UK currently could be worth £19bn, whilst Pension Policy Institute figures paint a picture of around £26.6bn in these lost pots.

At this point, it is believed that around 3 million pension funds are unclaimed and 1 in 30 Britons may have anywhere between £9,000 to £13,000 hidden away without knowledge – a figure certainly able to provide a boost to your retirement planning Cheshire.

How Does This Money Get Lost?

There are several reasons why these funds can simply be forgotten about or unrealised to their existence. Many people simply change jobs, move homes or have their old workplace taken over by a new firm or management. In these cases, your old workplace pension would simply be languishing around the company doing nothing.

Now would be the ideal time to track them down and find out just how much has been sitting in waiting. To help with this, you can discuss further with independent financial advisers Cheshire who have all of the tools to help you discover what lies in the wings.

Certainly, these languishing funds in unclaimed pensions could be the best solution for the continued process of your retirement goals and financial security.

Dipping In

Many people have chosen the cost-of-living crisis way of pulling their retirement fund payments to make ends meet in the short term. The rising costs everywhere and the struggle to meet everyday needs are felt by everyone in the country – but saving for the future should not be put on hold to cope with short-term struggles.

Retirement poverty has become a very real possibility for many because of this move and, with no plan for rebuilding their pension money at a later date a certainty, many people are in desperate states without realising it.

Having this languishing money able to rejuvenate your later life plans is a potential option you didn’t know you had. Now it is time to act on it.

The first step is to talk with the best independent financial advisers UK about where to look and how to access these pots. Contact the team at Haven IFA today to help safeguard your retirement future.