Lost and misplaced pension pots are a big concern for savers who have not kept an eye on their pension schemes as they have changed jobs.
To resolve this issue, digital investment manager Wealthsimple has unveiled a free pension finder for its clients, which allows customers to both track and transfer their lost pots into a Wealthsimple pension.
This is by no means a unique service, with the UK’s Department for Work and Pensions (DWP) rolling out its own pension finder in 2016, after it reported that around £400m ($520m, €459m) was left unclaimed.
But Wealthsimple believes its system goes one step further.
Listening to clients
Tom Francis, an investment adviser for the firmm told International Adviser that while the DWP’s system helps locate misplaced pensions, it leaves most of the work to the clients.
“We always look to launch products based on client demand and we introduced pensions back in October in response to clients looking for an affordable and easy way to save for retirement.
“The DWP’s pension tracer is a great way to find contact details for pension schemes that you may have previously held with an employer, but it still leaves clients with a lot of work to do.
“Our service will actually do this work for you by tracing the pension and consolidating it into your Wealthsimple pension.”
Toby Triebel, chief executive for Europe at Wealthsimple, said: “Every pound in your pension pot counts towards a comfortable retirement but the reality is that a lot of the people in the UK are leaving unclaimed savings on the table with pensions they’ve forgotten about or can’t remember the details for.
“The Lost Pension finder is a feature we hope will inspire people to re-discover their lost savings and help them work towards securing a stronger future.”
Financial advice still in the spotlight
The key features of Wealthsimple’s lost pension finder include:
- The ability to track and transfer a lost or misplaced pension pot;
- All clients have to provide is their surname, previous employer’s name and the time they were employed;
- No additional cost; and,
- Unlimited access to human advice from qualified investment advisers.
