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UK. Thousands of pension plans lost as billions accumulate – where does the money go?
MILLIONS of pension plans are at risk of being lost by Britain’s workforce, with unclaimed policies racking up billions. So what happens to this money? And how can you check yours?
A recent study conducted by a financial services firm has shown more than 200,000 people placed calls to the Department of Work and Pensions (DWP) in the past four years alone hunting for lost pensions. Some experts have claimed the amount in lost pensions within the UK system could amount to an eye-watering £20 billion, as workers’ hard-earned savings sit unused.
Hargreaves Lansdown, who conducted the study via Freedom of Information requests to the DWP, found that more than 60,000 people tried to track lost pensions in the past year.
A previous study undertaken by the firm – carried out by Opinium surveying 1,000 UK workers – found more than a quarter of workers had more than one pension plan.
The firm said a huge crisis was “looming”, with millions of pounds unclaimed and retired workers left without sufficient funding.
The DWP has said the shortfall could result in up to 50 million lost pensions by 2050, and has urged workers to ensure they keep track of their policies.
Read More @Express
