You wouldn’t buy a house, lock the front door, and completely forget you own it.
People leave pots of money in banks and pensions. In the UK alone, more than £31.1 billion is sitting in lost or forgotten pension pots and £4.5 billion in dormant bank accounts. People move countries, change employers, switch providers… and the money gets left behind.
deVere helped a client close to retirement discover unclaimed UK pensions.
“Too many people are simply not saving enough, and they don’t realise just how much more they will need to retire comfortably in the future. I believe that with the right independent advice, people can become financially secure.” – Nigel Green, CEO, deVere.
A few months ago, a client was absolutely certain they knew exactly what they had saved for retirement. Successful career, multiple countries, several employers. Very organised.
But when asked the question ‘What’s your understanding of how the pension system works in each country you worked in?’, there was a pause.
After a full global pension trace, deVere found over £250,000 sitting in old workplace schemes the client didn’t even remember existed. A quarter of a million pounds — unclaimed, untouched, and doing nothing for their retirement.
- Are you still in contact with every provider?
- Do you know what you are entitled to in each country?
- Have you ever checked for missing or dormant pensions?
At deVere, we help clients track down these missing pensions from any country they’ve lived or worked in, and then structure them properly so they actually support their retirement goals.
A professional financial adviser is recommended when it comes to reviewing retirement savings and pensions, especially with multiple pensions in various countries. They help ensure that your retirement savings are accounted for, tax-efficient, and in the right investment vehicle for your retirement needs.
If you’ve worked abroad, changed jobs, or simply aren’t sure what you’re entitled to, it’s worth checking. Your future self will thank you.
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Fervo Energy, a clean energy start-up based in Houston, working to make geothermal energy more viable, listed this week, gaining a valuation of around $7.7billion. This is big news for not just Fervo, but for clean energy in general, as investors flock to clean energy.
While solar and wind turbines depend on sunshine and the weather, geothermal plants can operate 24/7, delivering reliable energy to homes, businesses and power-hungry industries. All this without harmful greenhouse gases that contribute to global warming.
This means cleaner, more dependable energy that is not reliant on continuous fuel purchases. Usually, geothermal power generation is limited to areas with favourable geology, but Fervo is trying to broaden geothermal by using new drilling approaches developed by the oil and gas industry.
They are building their first commercial geothermal plant in Utah and expect to reach 500 megawatts of capacity.
Is this the start of a truly green energy source that could compete with major traditional energy companies? Is the clean energy sector the one to watch?
Please note, the above is for educational purposes only and does not constitute advice. You should always contact your adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.