Last week, I was having dinner and a catch up with a teacher friend, Maggie. Despite the current torment in the education world, she seemed lighter, happier and full of energy. After a little digging, Maggie explained that she now worked only four days a week and was loving it. Wanting more of a work/life balance in her late fifties, she decided to have a real look at her finances. Whilst delving, she recalled that she should have a pension from her City days, back in her roaring 20s. Luckily for Maggie, her forgotten pension was worth over £80,000.
A forgotten pension is not an uncommon tale...
The Pension Policy Institute estimates that about 2.8 million pension pots, worth nearly £27 billion, have been lost or forgotten in the UK alone. This is an increase of 75% in the last 4 years alone. Incredibly, as many as 1 in 20 people might have a forgotten pension.
The main reasons for the problem are:
If you think you may have a forgotten pension, here are some of the ways you can hunt them down:
Keeping a note of your pension details and updating your contact information with pension providers is vitally important to prevent forgotten pensions pots. It is a tragedy that so much hard-earned money is lying unclaimed.
Most importantly, keep a record of:
In the Auderli app, you can easily and securely keep track of all the information you need about your pension pots, in one safe place. You can also share this information with a professional advisor or a loved one, so you are not the only one who knows!
Auderli will help you organise and share your most important life information - including your pensions!