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PPI refunds: Millions being missed in 'forgotten pensions'

People currently seeking out PPI refunds who are approaching retirement age may want to think about getting in touch with old workplaces and think about if they ever took out any personal pensions.

This is because new research by Alliance Trust Savings has revealed that millions of pounds are being missed out on because people have forgotten about pensions and life assurance schemes they have taken out.

It estimates that there could be up to £400 million being wasted because of this reason.

In order to stop this happening, the Department of Work and Pensions (DWP) set up the free Pension Tracing Service.

Around 20 per cent of people who have used the service since its 2005 inception have found a lost pension.

A statement from Alliance Trust Savings said: "The difference fund rebates can make to a pension are significant."

Figures from the DWP reveal that seven per cent of people who discovered a forgotten pension found it paid a lump sum of £20,000 or more.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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