The pension industry is rallying for the UK’s first National Pension Tracking Day, which aims to identify the owners of more than 1.6 million lost or forgotten pension pots, worth around £ 19.4 billion.
The National Pension Tracking Day will be held on October 31, 2021 at the same time as the clock returns, using extra time to look for pensions that people may not know exist. Encourage. The Department for Work and Pensions (DWP) predicts that up to 50 million pensions could be lost by 2050 if nothing is done to reunite owners with the retirement fund.
Stuart Price, a partner and actuary of Quantum Advisory, celebrates the new initiative. Stuart said: “So many people change jobs without notifying their pensioners, and their pensions are forgotten.
“It’s estimated that nearly £ 20 billion is playing in the pension pot, but no one knows if it’s a staggering amount of money waiting to be billed. People have this day You need to use it to access a dedicated online resource center run by the government, which is very easy to use and allows you to roll the ball. “
National Pension Tracing Day was founded by Punter Southall Aspire with the support of Scottish Widows, Aegon, Legal & General and Standard Life. People are advised to take some time on the day the watch returns and start tracking down the lost pension. The government operates a pension tracking website with useful information about the process.visit https://www.gov.uk/find-pension-contact-details..
For more information on pensions and benefits, please visit: www.quantumadvisory.co.uk.
Employer News National Pension Tracking Day May Reunite People With Lost Pensions Of £ 19 Billion
Source link Employer News National Pension Tracking Day May Reunite People With Lost Pensions Of £ 19 Billion