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Saving enough for a comfortable retirement is probably the biggest financial challenge facing workers in the UK.
But with the average person having several employers during their lifetime, it's easy to lose track of an old pension.
It's thought that over £5 billion is currently lying unclaimed in private, workplace and additional state pensions, such as SERPS. Is any of this lost pension money yours?
Fortunately, there's an easy place to start if you're looking to locate lost pensions.
The Pension Tracing Service is a free service that's run by the Government. It has details of over 200,000 pension schemes that it can search to help locate your lost pension.
Before contacting the Pension Tracing Service, it will help if you have as much information to hand as possible.
For an old work pension, gather information on:
For an old personal pension, make sure you know:
And of course, any paperwork you have will prove very helpful in tracing your lost pension, too.
Make sure your family know where you keep your pension documentation in case you die before retirement (your pension will form part of your estate)
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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Whether you are looking to invest for your future, save for retirement, or find your perfect mortgage you have probably come across a term called inflation. With its widening effect, it is important to understand what inflation is, why it is necessary, and how it affects the economy.
Whether you are looking to invest for your future, save for retirement, or find your perfect mortgage you have probably come across a term called inflation.
It may not be nice to think about but it’s an important part of financial planning, so here’s everything you need to know about who gets your pension when you die.
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Here, we take a closer look at what will happen to outstanding mortgage and lifetime mortgage (a type of equity release) debt and any loans, credit cards and similar unsecured credit agreements you have, and how you can prepare accordingly.
We take a closer look at what happens to outstanding mortgages, debt, loans and credit card and other credit agreements and how you can prepare accordingly.
If you’re approaching retirement and will soon be drawing your defined contribution (DC) pension – or perhaps you’re still working but, having hit the age of 55, want to access your funds – you’ll need to know how tax comes into play.
Find out how pension reforms give you more freedom to decide what to do with your money
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