Lost pensions

Dad falling to earthLost pensions is a HUGE issue: 1 in 4 pension pots goes missing.

This fascinating fact emerged during a conversation with Joe Macleod, a Hyperisland connection who’s interested in Final Fling because he’s writing a book called Closure. In this, Joe explores how crap we are broadly with dealing with ‘endings’… facing the reality of mortality, closing down relationships, managing our exit strategy.

Dealing with our paperwork is part of this peculiar head-in-the-sand behaviour. Hence the lost pensions.

What a tragedy.

We spend our working lives putting money away – and sometimes employers contribute – to ensure we have a happy ending. And where we have partners or dependents, pensions form part of our assets, distributed among them in the event of us not being around to draw the money down ourselves.

Without careful passing over of details of where these pension pots are held, some simply go unnoticed in the aftermath of a death.

That’s exactly what our secure Safe Deposit Box is designed to help with. To avoid the risk of a lost pension, you simply scan in any pension statements you receive each year and share them privately with your Keyholder. Then, in the event of your death, your Keyholder can quite easily pull out references so that your affairs can be wound up and no money due to you is lost in the process.

And there’s another scenario. The one where you live on but don’t remember and can’t connect to your own life’s threads. Even more then you will want to be able to access the money due to you.

I have several pensions from various stages of life. I remember how pointless the first one seemed when I was a young adult and pensioners seemed like a different being more than a different age. Fortunately, I did keep track of them, even though they felt a bit irrelevant. And now, I have all my documents scanned and in my Safe Deposit Box as part of the 20 essential documents next of kin will need.

So a simple prompt today. Go scan yours in and post them into your Safe Deposit Box. Don’t let your pension pot become one of the lost pensions.

Sign up for a free account to start saving to your Safe Deposit Box today. See 10 things to do on Final Fling to find out what else you can do on the site.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload the CAPTCHA.