• Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more
 

Pension tracing service will expand to meet record demand

A free service which helps people locate pension pots they have lost track of will triple its number of staff to meet record numbers of enquiries.

The Pension Tracing Service will have its headcount tripled to 49 by April.

Last year, the service was contacted 145,000 times - double the number of contacts it dealt with in 2010.

It helps people to find providers of pensions they have lost contact with, often after switching jobs.

Estimates by the National Association of Pension Funds suggest that there could be as many as 50 million dormant and lost pension pots by 2050.

Pensions Minister Steve Webb said: "Whilst we have plans to help people combine their pension pots in future when they change jobs, there are still too many scattered and lost pensions.

"We are working hard to make sure people get what they are entitled to."

'Better position'

Jill Scott, operational manager at the PTS, pointed out that recovering this money can help people enter retirement "in a much better position".

"While it may sound strange, losing track of a pension is easily done, as people tend to move around the jobs market far more frequently than might have been the case in the past," she said.

From April pension holders will also be able to access the government's new "pension wise" service, which offers guidance to people over 55 about how they can make the most of the new pension freedoms which will come into force the same month.

Changes announced by George Osborne last year will mean that around 300,000 people a year will be able to access their defined contribution (DC) pension savings on demand, subject to their marginal tax rate in that year.

It replaces the current system in which people are directed towards a retirement annuity.

Concerns were raised earlier this month on Radio 4's Money Box that the new advice service will not have enough staff to deal with the demand expected when the new rules come into force in April.

Source:  BBC.co.uk

Sam: 7th Feb 2015 15:45:00

 

Latest News

Budget 2017: Stamp Duty Changes
Budget 2017: Stamp Duty Changes

Read More >>

Shift from annuities to drawdown continues
Shift from annuities to drawdown continues

Read More >>

Base rate rise could cost variable borrowers £83m
Base rate rise could cost variable borrowers £83m

Read More >>

It costs £10,830 a year to be a pensioner
It costs £10,830 a year to be a pensioner

Read More >>

Buy-to-let market pauses for breath amid new rules
Buy-to-let market pauses for breath amid new rules

Read More >>

See all News...
  • Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more