Trace My Pension
Currently the Irish Pension Market alone has a value in the region of €78 billion. Having been aware that monies are lying in Banks, Building Societies, Insurance Companies and other Financial Institutions, Hegarty Financial Management undertook an exercise for existing pension clients and as a result, unearthed almost a €1,000,000. It must be remembered that all pension funds are held in Trust for its members. Some typical examples are:
- Where scheme members had left employment with more than 2 years’ service and did not leave up to date forwarding addresses.
- Members who left employment in their 30’s and did not appreciate that their funds continued to be invested.
- People returning from the UK may have left benefits behind which can be recovered.
- Further confusion can be caused by the change of name and amalgamation of some of the providers, for example Insurance Corporation Life/Prudential Life is now Irish Life, Shield Life/Eagle Star is now Zurich, Norwich Union/CGU/Hibernian is now Aviva and Abbey Life is now Canada Life.
- A widow of a Company Director unaware that Life Cover remained in place despite premiums not being paid. On examination, we pointed out that a unit linked Fund had been established, the fund would have continued to pay the premiums and as a result the insurance Company paid almost €50,000 tax free.

Jim presenting Mr. Peter Clerihan with details of his ‘lost’ pension funds. Peter availed of our Trace My Pension Service.

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