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.