Advising Radio Clyde Listeners - Recovering your Frozen Pensions
10 September 2020
Written by Prosperity Financial Solutions Category: Pensions
We are pleased to be providing Radio Clyde listeners in Glasgow and across Scotland with our financial advice on frozen pensions.
The following are some of the key statistics and relevant information on lost pensions in the UK:-
- The UK's lost pension mountain could be worth £20billion – 6 times higher than previously estimated.
- There are 1.6million lost pension pots worth nearly £20billion that could remain unclaimed
- The average person will move jobs 11 times and house 8 times
- People typically lose track of pensions when moving jobs or moving house
- The government predicts there could be 50million dormant and lost pensions by 2050
- These pensions are often left in default funds and costly pension products
- Often these pensions will have extra charges for those no longer contributing
- The full state pension in the UK in 2020 is £175.20 per week with 35 years NI contributions which is significantly below the average £304 retirement income. Could you survive on £9,110.40 per year or £15,808 a year?
- The average UK adult has a target pension pot of £355,000
- The average UK pension pot is £63,387
- A good retirement plan will help you get on track for your target retirement
Source: ABI (17/10/2018): The UK’s lost pension mountain could be worth £20 billion – at least six times higher than previously estimated.
Independent Financial Advice on Frozen Pensions and Your Retirement
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