Around £850m in Pensions waiting to be claimed by Expats
According to findmylostpension.com, around one millions Britons have failed to claim pensions they are entitled to. Around one in four are expats. Often, pensions go unclaimed as people forget to notify pension providers when addresses and names change, and when moving abroad. As such pension pots go unclaimed.
Findmylostpension.com, an independent social enterprise believes that the amount of money owed to ‘lost’ expats ranges from £2,000 to £30,000 per year. Some tax-free lump sums have also gone unclaimed. Some of these are worth £40,000. With Pension Freedom, 25% of your lost pension amounts could be tax free.
The Fluid Job Market Contributing to Lost Pension Schemes
As changing jobs is now the norm, keeping track of various pension schemes becomes harder. Estimates believe that by 2050, there could be fifty million pension pots unclaimed.
As a result the government has set up its own website to help people keep track of pensions. If you feel you could be one of them, the good news is that success rates currently stand at 87%. You give them your details and they provide you with the contact details of pension providers directly. In four years the service has helped 145,000 people trace their lost pensions.
Expat Retirement Planning
It is a good idea to keep track of your pensions now, rather than waiting until you actually retire. Especially if you are an expatriate as you are probably untraceable in the eyes of your pension provider. Knowing what you have and where, will give you the basis to better plan your retirement. This is because you can talk to a financial planner who can help you find the best tax efficient options on the market.
- Use the government website or findmylostpension.com to trace your pensions
- Contact your pension providers to ensure your details are up to date or to claim your found pensions
- Speak to a financial planner to use the best financial vehicles available to give you the best possible retirement
Contact me to make your Lost Expat Pensions Tax Efficient
As an award winning financial planner I can help you make your lost expat pensions perform to their full potential. This will maximise your returns giving you the best possible retirement you could have. Click here or complete the Call Back Service Form on this page to start your expat retirement planning.