Recent research suggests that there could be between £15 billion and £77 billion in ‘lost’ money in current and savings accounts or pensions in the UK, with more than £5 billion in pension schemes alone.
According to the Pension Tracing Service, workers have lost track of more than £5 billion in pension schemes as they change jobs or move and fail to update their personal details.
There is a similar problem in regard to investments, as share certificates can be lost in moves or during upheavals such as divorce. However, anyone who thinks they might hold shares in a company but has no record of them can check by applying directly to any or all of the three main company registrars, which are Capita, Computershare and Equiniti. The search is free but if the individuals need a replacement certificate, they will be charged.
Meanwhile, estimates put the amount of money in ‘lost’ bank accounts at £850 million, particularly since switch accounts make it easier for people to switch banks so easily. People can search for this cash using the free online service My Lost Account, which is particularly useful in instances where a bank or building society has closed or merged.
People also often lose track of Premium Bonds and, according to National Savings & Investments (NS&I), there are currently more than 1.5 million unclaimed prizes amounting to more than £60 million. My Lost Account can help to uncover lost Premium Bonds and to find out if any of these have won a prize, the individual must fill out a form on the NS&I website. They will then be replied to within a month.
To find out more about how Kirk Newsholme Financial Planning can help, please contact Richard Leonard at Richard.Leonard@knfp.co.uk or by calling 0113 204 4215.