750BN Lost in Forgotten UK Workplace Pensions
People who move jobs and migrated have unwittingly amassed billions in forgotten pensions.
Britain is heading for a “lost pensions” crisis with an increasingly mobile workforce predicted to create a £757bn trail of dormant pensions that could deprive them of thousands of pounds in retirement.
Employees normally leave any pension entitlement with their former company scheme when they move to a new job. These small pots are expensive to manage and easy to lose track of.
It is thought that more than a million pensions worth £3bn have been abandoned in dormant accounts. But the UK Government estimates that by 2050 there will be 50 million dormant accounts worth £757bn. Many of these funds will suffer high charges and poor annuity rates, with their owners ignorant that returns could be increased significantly by consolidating their money and taking an active interest. Millions more could go entirely unclaimed.
So it’s important that individuals seize the initiative themselves, not least because one in six people claim to have no idea where their UK pension is saved.
It can be hard to trace your UK pension with employers once you have left the UK and after decades of corporate restructuring, mergers and acquisitions.
We can help trace these lost pensions and transfer them to Australia.
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