Millions of Britons haven’t claimed a total of £50bn in assets. Find out more about the easiest ways to trace them back through an unclaimed asset register.
(3-minute read)
We will cover:
- The available unclaimed assets registers available in the UK
- How to claim your lost old bank accounts and pension funds
How to find your share of unclaimed assets
Did you know that Britons have amassed almost £50 billion in unclaimed assets?
That’s right. Millions in the UK have left “dormant assets” behind. These include investments, lost shares, savings accounts and insurance policies.
The biggest stash of unclaimed assets seems to be in unclaimed pension funds, with £37bn awaiting claimants.
So, if you own valuable assets, read on to find out which online registers you can use to trace them back.
The old unclaimed assets register service
Before the end of August 2022, you were able to use the service Unclaimed Assets Register (UAR).
Consumers and solicitors alike previously used this service to trace back unclaimed valuable assets.
These included forgotten pensions, bank accounts, Premium Bonds, investments and insurance policies.
It was owned by credit-manager Experian but was shut down as the company no longer viewed it as a priority for their business.
The new service
If the UAR service was shut down, how then can you trace back your unclaimed assets? It’s getting harder to do this, but there are alternatives.
The newest, closest equivalent is the company Gretel. The service is free to use, which is a plus compared to the £25 search used for the previous register.
Although the records are still being updated, you can fill in your details to trace Lost Pensions, unclaimed Life Insurance, missing bank accounts, and more.
The register is in the process of persuading more financial institutions to sign up. Also, once you register your details, it will keep on searching as more records are added.
Insurance policies
Policy detective is a tool for searching for unclaimed insurance policies.
You type in the name of the company that issued your policy, and the service will give you up-to-date details and tell you whether they’ve been bought by another company.
It will also give you details on banks and building societies.
Old bank accounts
Another easy way to track down old accounts is with My Lost Account.
It will hunt down old accounts for you, along with National Savings & Investment accounts, including Premium Bonds.
Pension funds
If you think you might be among the £37bn people who currently have unclaimed pension funds, your best source is the government’s tracking service.
Simply go to http://www.gov.uk/find-pension-contact-details and you can find current contact details for your pension provider there.
You will have to write to them to see if they have an account in your name.
Bottom line
With the cost-of-living-crisis, there is no better time than now to claim any valuable assets you might own.
Here at Tax Expert we help you with any tax-related queries, and to find out whether we can make a tax claim on your behalf.
Contact us today at 01772 788200 to find out more about how we can help, or WhatsApp us out-of-hours at 07787 010190.
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