Martin Lewis urges Britons to hunt down pensions which could be worth thousands of pounds

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Martin Lewis urges Britons to hunt down pensions which could be worth thousands of pounds

Martin Lewis, Money Saving Expert, is well-known for providing the latest advice to hundreds of thousands of Britons on money related queries. Appe

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Martin Lewis, Money Saving Expert, is well-known for providing the latest advice to hundreds of thousands of Britons on money related queries. Appearing on ITV this evening, Martin looked at pension saving, an issue which he touched upon in last week’s special show. While many Britons thanked Martin for the advice they’d previously received, the questions on saving for retirement kept rolling in.

He said: “Actually, GOV.UK has a pension tracing service.

“It won’t actually tell you if you had a pension or not, but you can, for example, put in your old employer’s details and it will tell you who to contact if you have a pension.

“It really is worth doing. Staggering though it is, there are some people who lose track of pensions which are worth tens or even hundreds of thousands of pounds. 

“So, if you are not sure, it’s definitely worth checking that out.”

The Association of British Insurers (ABI) has previously estimated that more than 1.6million pension pots currently sit dormant throughout the UK.

This would be worth £19.4billion, or the equivalent of some £13,000 per plan – a potentially lifesaving amount.

Usually, the Money Advice Service recommends a person has as much information as they possibly can when tracking down a lost pension.

However, there are ways to take action without having certain details to hand, and it is possible to be reunited with one’s money. 

Aside from Government support, if a person knows which organisation their pension was taken out with, this could help.

Contacting the organisation directly could help a simple arrangement to be reached. 

The same approach can be taken for workplace arrangements, and contacting an employer can be done outside of the Pension Tracing Service.

The Pension Tracing Service is an impartial offering, which is designed to help Britons track down lost pensions.

It does so by scouring a database with over 200,000 schemes included to help Britons hunt down relevant contact details.

People will be able to use the service online, or via telephone, but have been warned phone lines are likely to be busier due to COVID-19.

In a similar sense, Britons are currently unable to request contact details by post due to the pandemic. 

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip



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