It’s probably a dream most of us have, coming across thousands of pounds of cash that we didn’t know we had. And according to recent estimates, there’s a huge £850 million just lying around in pensions and dormant bank accounts, just waiting to be claimed. Could some of it be yours?
Apparently, one man, on a forum on Money Saving Expert, found a staggering £39,000 in an old pension account, undiscovered before simply because he hadn’t known that it was there.
Amazingly, research from investment firm Nutmeg, reveals that two in five adults have an old pension with over £16,000 in it, that they have no idea exists or how to access.
The Government has even started taking money from some of these undiscovered accounts. They’ve used it to set up a ‘Big Society fund’, collecting money for community causes using cash in accounts that have been dormant for more than 15 years. But don’t panic – you should be able to get the money back if some of it’s yours!
So how do we know if we can get our hands on some of cash that’s out there? Well, according to The Independent, it’s pretty easy, if you think you have money unclaimed in a bank account.
If you think this might have an account our there where money is just lying there, go to My Lost Account, a resource that can help people trace accounts they’ve lost track of.
Fill in the online form that presents itself. Then, once you’ve entered your contact details, you might have to wait up to three months to see if you’re in with any luck, while your application to find any accounts is processed.
If the bank approves, the money will soon be right back in your pocket where it belongs. If they don’t, you can appeal to the bank, or to the Financial Ombudsman Service, an independent arbiter.
Think you might have a pension that needs to be recovered? The Pension Tracing Service has details of over 200,000 pension schemes, and can help you find any lost pensions you think may be around, either of your own or of deceased family members. If a close relative has died without taking their pension, you could well be entitled to the money. Head to gov.uk/find-pension-contact-details and follow the details to take a look.