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11 Jan 2017

Aviva and LinkedIn partner up to track down forgotten pensions

Insurance company Aviva wants to join forces with social network LinkedIn to help uncover the 2.5 million unaccounted-for pension funds, wired.co.uk reports.

The initiative follows an Aviva report conducted last year, which found that 13% of the 10,000 people surveyed had at least one pension they had forgotten about. This figure was used to make the 2.5 million estimate, but in reality the real figure could be lower - or, of course, higher.

According to the results of the survey, while the majority of that 13% believed only one pension pot had gone missing, some 17% had forgotten about two, and 6% three or more. The government´s own research supports this, suggesting that £400 million in pensions savings remains unclaimed.

Talking to The Times, Aviva UK Digital´s global chairman, Chris Wei, said the company wanted to create a scheme that acts like “the UK´s biggest treasure hunt,” hunting down these abandoned and unclaimed pensions. For the time being, it wants to team up with LinkedIn, though it could look beyond this to other social networks, too.

Unfortunately, thanks to changes in policies, the value of these forgotten pensions pots will have decreased significantly, the 2016 Aviva report warned.

Stressing the potential risks of having small amount of money in different pensions pots, Andy Curran - managing director, corporate and business solutions at Aviva - noted: “It´s likely there will still be charges taken out of those pots for their management and administration, and that can have implications if you are no longer contributing into them.”

The government does have its own pension tracking service, available on its website, and has previously pushed for a digital pension dashboard, allowing people to view their pensions in one place. It is hoped that this will launch in spring this year.

Copyright M2 Bespoke 2017

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