The National Association of Pension Funds have estimated that almost £3 billion worth of pensions fail to reach pensioners due to incorrect address details held by trustees, while over £200 million is paid out each year in error to those who have died unbeknown to the administrators. The Association is to work with the Unclaimed Assets Register (UAR), which is part of the company Experian, to help trustees to take all reasonable steps to help their members receive their entitlements and reduce incorrect payments. In most cases, addresses are incorrect because people don't inform their pension schemes of changes, intending to do so nearer to retirement, and then forgetting to do so.
NAPF members will have access to three UAR services aimed at improving efficiency, reducing unnecessary payments and demonstrating best practice, including mortality screening services and the register itself. The groups tracing service includes more than 400 million records held on Experian's database to update addresses in up to 70% of cases. The database is designed to help members of the public recover their lost investments. Companies and schemes contribute their records of customers, investors and pensioners, who they are unable to contact to the Unclaimed Assets Register, which give the public and probate solicitors a source through which they can trace lost investments.
Our view
Anything that helps money go to the right people in the right place at the right time has got to be good. Need some help tracking down your investments? Contact us.