Martin Lewis points alert to pensioners who may | U.Ok.Finance Information
Cash saving skilled Martin Lewis has issued a warning to pensioners who may have “£10,000s hidden” as he warns there may be more than “£31billion sitting in lost, old pensions.”
The financial guru’s latest “MoneySavingExpert’s Money Tips Email” incorporates his “16 Pension Pumpers – Tips, tricks & must-knows to boost your private & work pensions by possibly £10,000s.”
In it, he gives 16 suggestions and tips and quantity 3 shall be of specific curiosity to UK pensioners.
Martin, who additionally works as a presenter for ITV’s Good Morning Britain and This Morning and presents The Martin Lewis Cash Present, warns pensioners that there are billions sitting in outdated, “lost” pensions and plenty of people now “lose track” as they pay into pensions with out being requested to.
Martin writes: “There’s over £31 billion sitting in lost, old pensions. Do you have £10,000s hidden? With people regularly moving job, especially as many now start paying into a pension without being asked (see below), some lose track. There are a number of tracing old pensions tools you can use to track them down.”
Martin goes on to cite a reader, Deborah, who he says emailed his crew with a story that he says proves it is “worth a check”.
Deborah instructed Martin: “I’ve been having a major sort out of our paperwork. I found information about a very old pension from 1998 four addresses ago.
“We used your advice about tracing a misplaced pension and located a pension pot of £61,700 that my husband did not know he had! So a large thanks. That may make a large distinction to our retirement!”
The advice about tracing a lost pension Deborah refers to is in a previous guide Amy Robers of the Money Saving Expert website wrote.
In it she advises making a list of all your old employers so you know how many pensions you’re looking for; if you can’t find any such paperwork you can try the free tool from the Pension Tracing Service; and use Gretal: the free, catch-all service, launched in 2022, among other tips.
Elsewhere, Martin is also urging the public to take a closer look at their State Pension forecast, which could hold the key to boosting their retirement savings. He explains the pivotal role of National Insurance (NI) credits, accumulated through work in Britain, in augmenting one’s State Pension.
He advised, “Yearly labored within the UK builds up Nationwide Insurance years (as can wanting after your youngster, caring or being unwell). Most people now need roughly 35 years to qualify for the complete New State Pension of at the moment £221 per week for a single individual. This fee is taxed as different income and is at the moment paid if you hit 66 whether or not you continue to work or not. Do test your State Pension forecast and see in the event you can enhance your State Pension.”
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