“Commission chairman Nick O’Donohoe said: “Dormant assets should not exist, but they do. Individuals should never lose track of their assets, but they do. Companies should not have out-of-date contact details for their customers, but they do.”
This was the quote that jumped out and grabbed my attention in an article titled “Up to £500m of ‘dormant’ assets in pensions and insurance sector” You can read the full article in Professional Adviser here, and I suggest you do!
Now £500M is rather a lot of money and it seems its all yours. You’ve just forgotten about it. It is a bit of a problem to the companies that are holding it on your behalf as they can’t do anything with it themselves and they can’t find you in order to give it back. In an attempt to try and solve this problem, the government have a whole department working with insurance companies, investment houses, banks etc.. with the aim of reuniting people with their lost money. You can find out more about the department, The Dormant Assets Commission by clicking here and again, I suggest you do.
If you have moved house, changed jobs, changed your name or somewhere in the back of your mind you have a vague idea that you put fifty grand into a pension and you just can’t remember where and when. then there is a chance that it is still sitting there waiting for you to collect it. just like lost luggage. A lot of effort is being made to try and trace the owners of dormant assets, but why not give them a hand and check any old paperwork you have, or may have even inherited from a relative who has passed away, and check to see if you still have a pot tucked away that you have long forgotten about!