Pension: Britons urged to hunt down lost savings worth millions of pounds | Personal Finance | Finance
Each year, individuals are parted with hard-earned cash as life administration can spiral out of control. However, the money does not have to be lost for good, and one expert has issued a call to action. Express.co.uk spoke exclusively to Sarah Wilkinson, COO and co-founder of Keylu, who urged Britons to take action this new year.
She said: “We’re all guilty of avoiding life admin tasks we’d rather not face but this can be worse than tackling them head on.
“Diarising time dedicated to getting organised can make all the difference and makes the prospect of sorting your life admin less overwhelming.”
One important step Britons can take is reuniting with their lost assets – with millions of pounds lying dormant each year.
Over time, it could be easy to lose track of pension arrangements and savings accounts, for example, if a person moves job or address.
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The service MyLostAccount is free, and can help individuals trace their lost accounts and savings.
For pensions, the Government’s Pension Tracing Service is likely to be best, and is accessible online.
Here, people can find contact details for their workplace or personal pension scheme. All they will need is the name of their employer, or pension provider.
It is worth noting, however, the service will not tell Britons whether they have a pension or what its value is.
People have been urged to begin their “life admin journey” as soon as they possibly can.
The perfect time to do so could be January 2022 – this month – at the top end of the year.
Saving is widely regarded as one of the most popular new years’ resolutions.
However, having a firm understanding of one’s financial status is likely to be key for the year ahead.
Once a person takes into consideration all of their assets, they will be set up to achieve their goals.
Ms Wilkinson concluded: “Ensuring we are proactively organising our assets and important information means we’ll be better equipped to make informed decisions about our future.
“At a time when the costs from everyday living are soaring, it’s crucial to take control of things that make up your life.”
