Could newly-discovered pensions require money transfers abroad?

Individuals who have retired abroad may soon require international money transfers following news that many people are owed substantial sums from outstanding personal pensions.

Alliance Trust Savings explained how some former workers are missing out on thousands of pounds due to the fact they have lost touch with older workplace schemes.

It was noted that Experian's unclaimed asset register estimates there is £400 million sitting in personal pension and life assurance pots that have never been cashed in.

However, the free Pension Tracing Service launched in 2005 by the Department of Work and Pensions (DWP) was recognised as having helped more than 350,000 people establish whether they have missing assets.

Of those who have used the resource, 20 per cent discovered a lost pension and seven per cent are believed to have been paid a lump sum in excess of £20,000.

Those who have emigrated to foreign climes may find the DWP's service could help them to uncover funds that require money transfers so they can utilise the cash where they now live.

The Pension Tracing Service has access to information on more than 20,000 schemes and the database can provide people with current contact details for relevant providers.

When searching for company pension schemes, individuals will find it easier to trace a business if they know whether they traded under a different name and what type of company the employer ran.

Other helpful information includes whether the firm changed its address at any time and when the individual belonged to the pension scheme.

For personal pensions, people were advised to collect information such as the name of the scheme, the address from which it was run and the name of the bank, insurance company or building society involved, before attempting to trace funds.

Posted by Thomas Smith

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