The Building Societies Association has suggested that Government Plans to make claims on monies in dormant bank accounts (i.e. ones that have not been touched for some time) is illegal.
The Government have suggested that they may look to use these monies to fund a "pension protection" fund to help pensioners whose pension funds become insolvent.
Our View
We agree that the Government should not be allowed access to these funds. If pensioners wish their pension fund protected they should pay a levy into a fund, much in the same way as insurers and financial advisers pay into the Financial Services Compensation Scheme levy.
Taking money that does not belong to you is theft! We suggest that a simple change in the law that if money lies in a dormant account and has not been touched for 100 years then it becomes the property of the Government for specific distribution to 'the people' in the form of Education or something other that can benefit all.