Lost pensions

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Lost pensions

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mousjoos

Joined: 05 Jun 2006
Posts: 1986
Location: VERY Sunny SW France

Posted: Mon Sep 23, 13 5:53 pm Post subject: Lost pensions

Anyone here been contacted by companies offering to look for pensions/savings that may have been forgotten ?

I was contacted a week ago by the DeVere group operating out of Malta, telling me their speciality was searching (& presumably, occasionally) finding lost pensions / accounts etc ; & I imagine that as specialists in their field they then tell you how best to manage or invest these sums

This is all leading up to .....do they take a percentage of the find, or charge a flat rate, or do we marvel at their magnanimity (sp) when we receive the money in its entirety ?

Thoughts / ideas /personal experiences welcome

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Mon Sep 23, 13 6:44 pm Post subject:
I would have thought they would take a percentage but have no experience. I would try and trace them myself first and perhaps ask on the MSE site or google your company to see what reputation it has. This might help: https://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Mon Sep 23, 13 6:47 pm Post subject:
Be wary of any company offering such a service outside the UK. I'd be cautious about passing over personal detailed information in the hope of locating a long lost treasure trove only to find your ID has been compromised or your accounts drained.

mousjoos

Joined: 05 Jun 2006
Posts: 1986
Location: VERY Sunny SW France

Posted: Mon Sep 23, 13 6:53 pm Post subject:
Thank you both I've asked about fees but have had no real response as yet I've not passed on any details, but have downloaded forms from them & the Revenue in UK

Spider

Joined: 17 Apr 2013
Posts: 129
Location: Rhondda Valleys....Welshland

Posted: Mon Sep 23, 13 10:22 pm Post subject:

Last year I had to trace and cash in 2 personal pensions, I just used a reputable financial advisor. They came to my home, followed up everything and sorted out all the paperwork for me...
You don't pay them any money, the first financial advisor was paid about �175 from the company I had the pension with and the second financial advisor didn't charge anything as the first hour was free and everything got sorted in my home during that hour.

Mistress Rose

Joined: 21 Jul 2011
Posts: 15985

Posted: Tue Sep 24, 13 8:24 am Post subject:
I would be very wary of using an offshore based company too. If you really think you have some lost pensions, I would do as Spider did. I have to go and see a financial adviser at some point about my pensions to see what can be done with them. They aren't worth much, but would be nice to get them in order.

mousjoos

Joined: 05 Jun 2006
Posts: 1986
Location: VERY Sunny SW France

Posted: Tue Sep 24, 13 12:22 pm Post subject:
It appears there are no charges to look for / find any "lost" money The charges are applied to the transfer depending on the amount That's the gist of the email I got this morning

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Tue Sep 24, 13 1:13 pm Post subject:
What level of protection are they offering? Do they fall under the auspices of a recognised body. For instance in the UK we have The Financial Conduct Authority that provides a degree of redress. Would you be happy for instance if their fees ran to 99% for instance?

mousjoos

Joined: 05 Jun 2006
Posts: 1986
Location: VERY Sunny SW France

Posted: Tue Sep 24, 13 3:49 pm Post subject:

vegplot wrote:

What level of protection are they offering? Do they fall under the auspices of a recognised body. For instance in the UK we have The Financial Conduct Authority that provides a degree of redress. Would you be happy for instance if their fees ran to 99% for instance?

This is why I was pleased when the appointment was deemed unnecessary as there where no specific details to go through with them....that way I wouldn"t be faced with the "hard sell"
I downloaded their forms & printed them but have sent nothing

Don't know if they're well known, but it's the DeVere group that contacted me....does that ring any (alarm) bells with anyone ?

BahamaMama

Joined: 21 Sep 2006
Posts: 2315
Location: Away with the fairies

Posted: Tue Sep 24, 13 4:46 pm Post subject:
Don't do it - you can go on line, for free and with your NI number, you can track any pensions that you have had. https://www.gov.uk/find-lost-pension

snowy747

Joined: 06 Oct 2013
Posts: 8

Posted: Wed Oct 09, 13 6:38 am Post subject:
Step away from these companies ...... Use a reputable IFA instead. Ali

john of wessex

Joined: 18 Jun 2007
Posts: 2130

Posted: Wed Oct 09, 13 6:57 am Post subject:

snowy747 wrote:

Step away from these companies ......

Use a reputable IFA instead.

Ali

Reputable IFA? Isnt that like reputable Estate/Letting Agent second hand car dealer etc....................

mousjoos

Joined: 05 Jun 2006
Posts: 1986
Location: VERY Sunny SW France

Posted: Wed Oct 09, 13 2:58 pm Post subject:

john of wessex wrote:

snowy747 wrote:

Step away from these companies ......

Use a reputable IFA instead.

Ali

Reputable IFA? Isnt that like reputable Estate/Letting Agent second hand car dealer etc....................

My brother in law was a second hand car dealer & as reputable as they come...in fact, he only went to prison once in his entire career !

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