February 3rd, 2015
With the upcoming pension legislation changes due to take effect this April, The Pension Tracing Service is set to triple its staff to help accomodate for the huge expected increase in demand as people try and chase forgotten pensions.
The BBC have written an article which gives an insight into how the Pension Tracing Service can help.
“It helps people to find providers of pensions they have lost contact with, often after switching jobs.
Estimates by the National Association of Pension Funds suggest that there could be as many as 50 million dormant and lost pension pots by 2050.
Last year, the service was contacted 145,000 times – double the number of contacts it dealt with in 2010”
The article goes on to say:
“From April pension holders will also be able to access the government’s new “pension wise” service, which offers guidance to people over 55 about how they can make the most of the new pension freedoms which will come into force the same month.
Changes announced by George Osborne last year will mean that around 300,000 people a year will be able to access their defined contribution (DC) pension savings on demand, subject to their marginal tax rate in that year.”
Please click here to see the full article.