You are here: Home - Retirement -

Pension tracing requests reach four-year high

Written by:
A dramatic increase in the number of people trying to track down lost pensions signals greater awareness of pension-related issues.

This is according to law firm Pinsent Masons.

An average of 11,785 people make requests to the Pension Tracking Service (PTS) every month in 2013/14. This is compared to 6,424 in 2010/11-an increase of 83 per cent.

It is thought that more than a million pensions-worth a total of £3 billion-have been abandoned in dormant accounts; the Government estimates that by 2050 there will be 50 million such accounts in existence, worth £757 billion.

Carolyn Saunders, London head of pensions at Pinsent Masons, said: “While the vast majority of requests processed by the PTS are successful, these figures highlight the burden created and brings into sharp focus government proposals to introduce ‘pot follows members’ legislation whereby pension schemes will automatically follow an employee when they change jobs.”

She continued: “With a record number of people facing inadequate retirement income, the need to keep track of your pension is greater than ever.”

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

HSBC launches new cash-back credit card

HSBC has launched a new credit card that allows cardholders to earn points, which can then be converted to cas...
HSBC launches new cash-back credit card

Open banking ushers in new world of personal finance

A quiet revolution in banking has been taking place over the last 15 months, although the chances are, you won...
Open banking ushers in new world of personal finance

Pensioners need £60 a week more to live on

The average pensioner needs nearly £230 a week to live on, almost £60 more than the state pension pays.
Pensioners need £60 a week more to live on

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Women still struggle to save as much for retirement as men

Having saved the same amount towards retirement over a 40 year period, men can end up £89,000 better off than...