Insurers Estimate £19.4B In Unclaimed Pension Savings
Law360, London (May 5, 2020, 1:00 PM BST) -- Almost £20 billion ($25 billion) of lost pensions could be floating around in unclaimed pots because Britons fail to let their pension funds know when they move home, British insurers said Tuesday.
The Association of British Insurers has found that savers rarely let their pension providers know when they change addresses. As a result, approximately 1.6 million pension pots worth £19.4 billion are lying forgotten and unclaimed — the equivalent of nearly £13,000 in each account.
The ABI said it is trying to help people find their lost savings during the COVID-19 crisis.
"During the lockdown many of us have been focussing...
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