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Don’t make this costly mistake when you move home

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05/05/2020
£19.4 billion of pension pots are unclaimed because home movers didn't give their provider their new address
Don’t make this costly mistake when you move home

Only one in 25 people consider telling their pension provider when they move home, according to the Association of British Insurers, despite the importance of ensuring you update your address.

It has been estimated that there are around 1.6 million pension pots worth £19.4 billion unclaimed – the equivalent of nearly £13,000 per pension pot.

Typically, people move house eight times in their life, said the ABI, and the majority (89%) automatically think about telling their GP or dentist about their change of address.

Just half of people think contacting their pension provider is a high priority, and that’s only when prompted.

Find your old pension

The Government predicts that there could be as many as 50 million dormant and lost pensions by 2050. In 2017 more than 375,000 attempts were made to contact customers, leading to £1 billion in assets being reunited with them.

Insurers are trying to reunite people with their lost pensions, life insurance and investments.

Dr Yvonne Braun, director of policy, long-term savings and protection at the ABI, said: “During the lockdown many of us have been focussing on those jobs that never get done, so now is the perfect opportunity to check all your financial information is up to date with the correct address. It is simple to do. All you need is to check the address on your last annual statement or log in to your provider’s website.

Don’t worry if you don’t have this information, we have a guide on our website to help track your insurance and pension policies and some tips on responding to tracing letters, along with our members’ contact details.

“People deserve all the cash they are entitled to. To ensure more people than ever are reconnected we will continue to work with Government to explore ways data can be used to verify customer addresses.”

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