POUND NOTES
FORGOTTEN PENSIONS
ONE million people have used the new digital Pension Tracing Service since its launch in May 2016. The Government revamped the service last year to make it quicker and easier for people to track down lost or forgotten pension pots.
Experts estimated that £400million worth of unclaimed pensions sat languishing in May last year and now huge sums have been reunited with savers.
It’s no wonder pension savings go astray because we now have an average of 11 jobs over our working lives, so it’s easy to lose track of funds.
The service is free and has a comprehensive online database of more than 320,000 pension scheme administrators.
Guy Opperman, Minister for Pensions and Financial Inclusion, said: “With millions of pounds in unclaimed pots waiting to be reunited with their rightful owner, I’d encourage everyone to get in touch with the Pensions Tracing Service.
“After all, every pound traced is another pound towards a more secure retirement.”
For help tracking down lost pension pots visit gov.uk/find-pensioncontact-details or call 0345 6002 537.
YOUNG MORE MORTGAGE SAVVY
HOMEBUYERS aged 18 to 34 are more savvy than those over 55 when it comes to managing their mortgages.
Nine out of 10 younger buyers have a repayment loan, so they are gradually chipping away at the debt, compared to less than seven out of 10 older borrowers.
Research from L&C Mortgages also reveals seven out of 10 millennials have fixed rate mortgages, giving them security over their monthly budgeting, while just over a third of over-55s have a fixed rate deal.
MORE PENSION STUFF
THERE’S a huge difference between how staff and employers view pensions.
Employees see them as a critical part of their benefits package, but bosses think workers don’t care or understand pensions.
And three-quarters of employers see them as just another tax on their business, a study from HR and benefits platform Hibob reveals.