“There is an awful lot of unclaimed money lying around in Pension Schemes” according to Niamh Hegarty, Director at Hegarty Financial Management.
In our experience there are many reasons why some funds can go unclaimed. For example, scheme members that have left employment with more than 2-years’ service may be unaware of benefits and did not leave a forwarding address. Later, they change address or change surname (married) and did not inform trustees or former employers.
Members who left employment in their early working life and did not appreciate that their funds continued to be invested for them. They may have emigrated and returned with no record of any previous employment and or the previous employer no longer exist. People returning from the UK may have left benefits behind which they ignored but can now be recovered.
Many of the Financial Institutions changed names or amalgamated over the years thus causing confusion for consumers.
Many of the traditional and familiar names have disappeared from the Irish High Street for example, Equitable Life, Scottish Provident, Life Association of Ireland, Sun Life of Canada, NM Life, the most recent Friends First.
- Others such as, Insurance Corporation Life/ Prudential Life/ Irish Progressive/ Abbey life/ Canada Life are all now part of Irish Life.
- Shields life/ Eagle Star are now Zurich life.
- Norwich Union/ CGU Life/ Hibernian life/ Friends Provident/ Friends First/ GA Life are now all part of Aviva.
- GRE Life/ Royal Liver/ Caledonian Life are now Royal London.
- For many Bank customers they would have been familiar with Ark Life or Lifetime both of which are no longer being promoted by their owners.
Some Pension Administration firms have also merged, with a change of name and ownership leading to further confusion for former members as they may never have got a report from the fund manager involved.
It must be noted that all Administrators, Employers and Trustees are very helpful when it comes to reclaiming your funds even if they have been transferred to the National Treasury Management Agency (NTMA).
As a result of these and similar experiences, Hegarty Financial Management established a pension tracing service, Trace My Pension to help others. For an agreed fee we will undertake this exercise on your behalf and also provide continuous monitoring on an annual basis if required.
Should you have a pension you wish to trace please contact one of our team call us on 01 4972544 or email chloe@hegarty, niamh@hegarty, email@example.com, firstname.lastname@example.org, email@example.com or firstname.lastname@example.org