Money Saving Expert founder Martin Lewis gave advice that helped one woman recover almost £3000 in savings using one simple trick.
The story was highlighted in the Money Saving Expert newsletter focussed on rounding up the past year’s money-saving successes.
The simple trick that allowed the woman to recover £2,600 in savings involved using the Government’s free-to-use Pension Tracing Service.
MSE believe that there are up to £50 billion in lost assets in the UK waiting to be reclaimed by their rightful owners.
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Julia, the woman who was able to reclaim these lost pensions, praised the advice in an email, saying: “Martin, after watching your TV episode on forgotten pensions, we contacted the number on your site for the companies my husband worked for 40 years ago.
“Gave them all the information and within four weeks received a cheque for £2,669 for pension contributions he never realised he’d paid. Thank you.”
The reason why so many pensions are lost is that people are often automatically enrolled in these schemes but forget about them and sometimes lose out on thousands of pounds.
If you have had multiple jobs, then you could have several of these pension schemes and not even know about them.
However, the newsletter warned: “It’s not just pensions lying unclaimed – it’s thought there’s £50 BILLION of lost assets in the UK, from bank and building society accounts, to Premium Bonds and investments.”
MSE also highlighted its lost assets guide which tells people everything they need to know about lost assets in the UK and how to reclaim them.
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