Pension savings can often get lost over time, and as a result funds can lie dormant for years. Britons have lost track of millions of pounds over the years, and the Government is taking action.
It has been shared today that the Government will raid some £880million from forgotten pensions, investments and insurance payouts.
This will go towards funding charities and local communities in an effort to push forward good causes.
The decision has been made to expand the already existing Dormant Assets Scheme, and is to receive Royal Assent today according to Whitehall officials.
Members of the public in England will be able to have their say on the matter in a summer consultation.
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Alternatively, if a person is still in touch with their old employer it may be worth contacting them directly.
MoneyHelper says if these options have been exhausted, Britons may wish to try the Unclaimed Assets Register (UAR).
Its website explains: “The UAR is a search engine that some providers have used to share unclaimed pensions. You can check it for a fee of £25 per search.
“This covers only a few pension schemes. And even if your scheme uses it, they might not class your pension as ‘unclaimed’.
“For example, if you’re under the age of 75, they might not see your pension as being unclaimed yet.”
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