Have you lost track of old pensions, savings or investments?
By Gerald Bellot3 min read
According to NS&I, over 2.5 million Premium Bond prizes, including eight worth more than £100,000, are currently unclaimed. Many people have moved house, changed their contact details, or have simply forgotten an old account exists.
It got me thinking. It is a timely reminder that keeping your financial records and affairs up to date really is essential.
The accounts people forget
As a financial adviser, I often find that clients have accounts they had completely forgotten about. The usual suspects are:
- old workplace or personal pensions
- old investments
- old savings plans or accounts
None of these are unusual. Over a working life it is very easy to pick up a pension with each new employer, start a savings plan and move on, or lose the paperwork for an investment made years ago.
Why it matters
Forgotten money is money that is not working as hard as it could for you. Old pensions in particular can sit in dated, expensive plans, invested in a way that no longer suits your age or your plans. Bringing everything into view is the first step to making sense of it.
It is all part of the bigger picture around good financial housekeeping and long-term planning.
A simple place to start
If you are unsure what you might be missing, gather what you can find, dig out old statements, and make a list. Even a rough one helps. From there, a review can show you what you hold, what it costs, and whether it still fits where you want to get to.
If you would like a fresh pair of eyes on your finances, or just want help tracking down what you might have, please feel free to get in touch.
The performance of your investments is subject to risk(s). Its performance may fluctuate based on movements in the market and economic condition(s). Capital at risk. Currency movements may also affect the value of investments. You may get back less than you originally invested. Past performance is not a reliable indicator of the future performance. Tax treatment is based on individual's unique circumstances.
This article is general information, not personal financial advice. For a recommendation based on your own circumstances, please get in touch.
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