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“The recent crisis and subsequent sell-off in markets are
likely to highlight any weaknesses in your investments”
how much you
have, where
it is invested
and whether
it could
work
harder for
you. There
is rarely a
‘right time’
to carry out a
financial springclean
as people’s
attitudes and behaviours
change all the time,” he says.
“But the recent crisis and
subsequent sell-off in markets are
likely to highlight any weaknesses in
your investments.”
Follow the money
You can be your own detective by
using the government’s Pension
Tracing Service. If you want
someone to carry out all the
annoying paperwork for you, then
look no further than some of the
fintech apps taking on the creaking
pensions industry.
A pioneer of this digital approach
is PensionBee, an app that takes a
matter of minutes to set
up. Chief executive
Romi Savova says
you just need to
supply a small
amount of
information
about an old
pension such
as the name of
the provider or
employer.
“We then go off
and do a lot of the
hard work of getting your
pensions together for you,”
she explains.
This is an issue that requires urgent
attention. In 2018, the ONS estimated
that around 13.6 million pension
pots lay “dormant” and PensionBee
believes this figure is growing
exponentially larger, expecting it to
hit 21.5 million this year.
Even more shocking than the
number of dormant pensions is their
total value, with the Association of
British Insurers (ABI) estimating
this figure to be worth nearly
£20bn. Savova believes the industry
must shoulder much of the blame
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