By Ellie Price
If, like me, you are very pleased with yourself when you find a £10 note you had forgotten about in the pocket of a winter coat, or tucked in to the side pocket of a handbag, you may be interested to know that research shows that across the UK, investors have lost track of £5.3 billion worth of investments – 22% of adults have lost or unclaimed assets!*
With many of us changing jobs a handful of times in our careers, this leaves previous work-based pensions behind and, if not transferred, it is easy for you to lose track of what you have and where it is. Factor in a house move or two and those old pension scheme annual statements are no longer reaching you either.
Or it may be that you took out accident cover with your car insurance and that small premium is still going from your bank each month but you can’t quite place who the policy is with, or what it covers.
However, help is available to retrace “lost” assets.
Gov.uk offer pension tracing, and company share registrars such as Computershare and Equiniti will check holdings against your personal details.For cash accounts, www.mylostaccount.org.uk/ offer a tracing service for bank accounts and NS&I.
If you think your finances need a tidy and you could use some help putting your pensions in order or tracking lost investments, drop me a line to arrange a free initial consultation on 01722 653245 or email ellie@grovelyfinancial.co.uk
Who knows what those old policies may be worth and a share of that £5.3 billion may be yours: a nice Christmas surprise!
Grovely Financial Ltd is an appointed representative of Vision Independent Financial Planning Ltd, authorised and regulated by the Financial Conduct Authority. Firm reference number 487395.
The benefits to the treatment of tax will depend on individual circumstances and may be subject to change. Investments may rise as well as fall and you may not get back what you originally invested.
* Investment Week 22/10/2020 https://tinyurl.com/y6oyqef2