In the news
Pension Tracing Service swamped
People who think they could be missing out on thousands of pounds in pension savings have flocked to the phonelines to try and track down their lost money. Through a freedom of information request, it has come to light that The Pension Tracing Service received a total of 251,733 phone calls between July 2018 and August 2023. Figures suggest the average lost pension pot is worth £9,500.
To save yourself time on the phone, you can access the government’s pension tracing tool at www. pensiontracingservice.com
If you trace a lost pot, get in touch; we can check whether the underlying investments are suitable for your requirements.
Milestone moments denied
Many savers are now choosing to deny themselves milestone moments, such as major holidays, big weddings and home renovations, to keep putting money aside for future essentials.
A survey1 asked respondents to classify themselves as spenders or savers. More than 80% of people who consider themselves to be ‘spenders’ still put money aside each month, being motivated to build a nest egg for the future. However, the amount savers feel they need to squirrel away varies markedly depending on age, with younger ages more likely to have abandoned plans.
The importance of advice
Research2 has found that the odds of selecting the top performing asset class every year for a decade is one in 282 million! In fact, investors are twice as likely to win the EuroMillions jackpot. That is why it’s so important to diversify your investment portfolio.
1Gatehouse Bank, 2023
2RBC Brewin Dolphin, 2023
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.