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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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