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Brits could be missing out on thousands of pounds in forgotten pensions

By Tom Farley, Thu 23 Jun 2011 - Published in Pensions

Brits could be losing out on thousands of pounds when it comes to their retirement by forgetting about old workplace pension schemes.

According to Alliance Trust Savings, it is estimated that there could be £400 million invested in pensions and other schemes which people cannot remember being in.

It noted that the Department for Work and Pensions set up a tracking service to help reunite Brits with their forgotten pensions and around 20 per cent of those using the initiative have found an old policy.

Alliance Trust Savings has set up the Select SIPP account for people looking to transfer their pension schemes in the future.

Jaskarn Pawar, director at Investor Profile commented on the new product: "I have been impressed with the efficiency of Alliance Trust Savings administration.

"They keep me well informed at the right times, and considering the costs involved for implementation compared to other platforms it is quite impressive."

Recently, HiFX told pension holders looking to move abroad that their retirement income could see its value decrease because of expensive bank transfer charges.