ghost pension

lashlaroo

evening my new frugal friends.:beer:just wondered if any of you know anything about dormant pensions? i ve had a company contact me regarding one i took out many moons ago.i opted out of serps and the lapsed policy as been found by these people.they ve returned a savings plan from that time:T and suggested collating the four pensions into one,moving it to one company.snag is they want 2% of the pension to carry out the work/reward for finding it.i dont mind paying if thats the going rate,just a little worried i might ve had my pants pulled down on this one.:( any advice would be greatly appreciated.lash.

xylophone

https://www.gov.uk/find-lost-pension
http://www.mylostaccount.org.uk

As for combining pensions, are any of them defined benefits?
Do any of them have guarantees?

Be careful!

dunstonh

just wondered if any of you know anything about dormant pensions?

pensions do not go dormant. Apart from that yes.

i ve had a company contact me regarding one i took out many moons ago.i opted out of serps and the lapsed policy as been found by these people.they ve returned a savings plan from that time and suggested collating the four pensions into one,moving it to one company.snag is they want 2% of the pension to carry out the work/reward for finding it.

I would be on guard.

1 - Your data is not in the public domain. People cannot find pensions on your behalf. Only the original scheme provider or their agent should be doing this (often it comes via the DWP who do not market you for anything). So, how have these people got your info?
2 - Savings plans are not pensions and indicate a different product type.
3 - whilst many old style pensions are fairly out of date and can be improved upon, you should pick a local IFA of your choosing to do this. Never use people that contact you (most scams happen that way so if you follow that rule, you are unlikely to be scammed)
4 - the mish mash of terminology gives me no faith in what they are telling you (you dont opt out of SERPs - you contract out. A lapsed policy means it has no value. Paid up is the correct term. Pensions dont go dormant. Recommending consolidation without analysis to check it is the right thing to do first is not good either)

lashlaroo

forgive my poor terminology.its probably me using the wrong terms.it was a financial advisor for the original company(which as changed a couple of times in the last twenty years).think they specialise in finding these types of ghost pensions(another term he used was gone away clients).great advice though folks,many thanks.think it needs further investigation.lash

dunstonh

Name the company. There are very few sales reps left nowadays. Most insurers have shut theirs down although a few do operate small numbers.

An insurer doesnt need paying for finding your pensions. It never lost them. They are required to locate you.

You should never use an insurance company agent. Use an IFA. https://www.unbiased.co.uk and search by postcode to find your nearest ones. They will give you advice and compare the old pensions with modern ones from the whole of market. The insurance agent will only have their own option.

lashlaroo

could i pm you the name mate? for some reason i d be more comfortable.