Pensions Finders' Mission
"around £19.4 billion of pension funds are currently lost, comprising 1.6 million pots with an average size of £13,000."
The Association of British Insurers
Through the byproduct of busy lives, many people have lost track of their old pension schemes and lack the time to carry out the detailed research required to track these funds down.
Pensions Finder was launched with the simple mission of helping to solve this mounting problem and enable clients to find these missing funds. Ultimately, the end goal would be able to create a better plan for a brighter future!
Typically, problems can arise when an employee changes their job, which then ends their membership with a particular workplace pension scheme. Alternatively, many people move home and forget to notify their old pension providers, due to a lack of contact. Without an annual statement reminder, it’s easy to forget about that pension pot altogether. Other common causes of a forgotten pension include the death of the holder, leaving a partner, or simply being unaware of the existence of the pension.
Even if the holder knows they exist, inactive pension pots may be languishing in underperforming schemes, which over time can result in the holder missing out on thousands of pounds worth of potential growth.
Jamie Jenkins, head of global savings policy at Standard Life Aberdeen, says that too many workers are becoming ‘disengaged with details such as how much (their pensions) are worth and where the money is invested’.
Pensions Finder’s mission is to help individuals re-engage with their pension and retirement plans by ensuring they know where their funds are and that they are performing as they should.