Pension Tracing Day: The Importance of Finding Lost Pensions

    Thomas Johnson
    30th October 2024
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    Pension Tracing Day serves as an essential reminder of a significant issue impacting millions across the UK: lost or unclaimed pensions. With over 1.6 million unclaimed pension pots valued at more than £19 billion, it’s crucial for individuals to locate these funds, as many are unaware of the savings they have accumulated throughout their careers.

    How Do Pensions Go Missing?

    Pensions can become lost or unclaimed for several reasons:

    • Job Changes: Frequent job changes can make it easy to lose track of previous pension schemes.
    • Lack of Awareness: Many people forget about pensions established in their early working years or may not understand the different types of pension schemes available.
    • Death of a Spouse: Surviving spouses may not be aware of the pensions held by their deceased partners, leaving potential funds untapped.

    The Value of Finding Your Pensions: A Recent Client Story

    I recently assisted a client who was 58 years old and looking to plan for his retirement. He aimed to retire at 65 and had three pensions totalling around £186,000. However, he suspected he might have additional pensions from his earlier employment. After conducting a thorough investigation, we uncovered four more pensions from over 20 years ago, adding an impressive £92,500 to his retirement savings.

    Integrating these additional funds into his financial plan revealed that he could actually retire at 62 instead of 65. This newfound clarity has allowed him to confidently work towards an earlier retirement.

    Take Action Today!

    Due to compound growth and investing, a pension worth £2,500 in 1989, could be worth as much as £27,000 now with average historic stock market returns over the period. Therefore finding lost pensions could be pivotal to your retirement!

    At Simpson Wood, we are committed to helping you secure your financial freedom. If you suspect you have unclaimed pensions, our team of experts are here to assist you in tracing them, and can aid in building your financial planning strategy. Don’t let your hard-earned money go unclaimed!

    This Pension Tracing Day, take the first step towards reclaiming what’s rightfully yours. Contact us today to find out how we can help you locate your lost pensions. Your future self will be grateful!

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

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