The Government has published draft legislation to include additional assets across the insurance and pensions, investment and wealth management, and securities sectors in the Dormant Account scheme that will become law later this year.
Bank and Building Society Accounts:
Currently, dormant bank and building accounts where owners or relatives cannot be traced that have not been visited, remain unclaimed on death and the client would be over 120 years old are passed to the public ‘purse’ and used for the benefit of society.
Now Dormant Accounts will include Pensions, Investments and Wealth Accounts:
Pensions that become ‘Dormant’:
Pensions that Qualify:
Investment and wealth accounts will also become ‘Dormant’:
These will become dormant under similar qualification rules with the following exclusions: