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There is a range of reasons why people lose track of their pension savings, including:
The average person changes jobs 11 times during their career. Because of this, it has become common for people to lose track of accrued benefits with their previous employer(s).
The average person changes address seven times during their working life. As a result, unless addresses are updated with the pension schemes, contact is lost. The same applies to mobile numbers and email addresses. According to ABI, only 1 in 25 people would instinctively think to tell their pension scheme/provider that they’ve changed address.
Many people who have worked in the United Kingdom have relocated overseas and lost contact with their pension arrangements.
Pension schemes and providers often change their name or become acquired by larger companies. Because of this, people often disregard the correspondence from pension schemes they are unfamiliar with.
If you believe one or possibly more of these lost or dormant pension pots could be yours, deVere Group is here to help. deVere Group’s pension tracing service allows you to track down lost and forgotten pensions. Start the process and reconnect with your pension assets.
It is important to stay secure while using the internet. It has been reported that external entities falsely represent themselves as providing financial services for deVere Investment and may use the names of current employees when attempting to carry out fraudulent activities.
Report fraud by emailing csvglobaladmin@devere-group.com.