Tracing Lost Money

Homeowners in the older age bracket (roughly between 55 and 95) were raised in a period when families traditionally fended for themselves and had less dependence on the state. It’s a generality, but there is some truth in it.

It’s not easy to believe that people can lose money in any way, especially in these times of cuts and economic uncertainty. We might ignore a penny that slips from our grasp on the street, but anything coloured silver or more is probably something we’d try to re-capture!

Yet the truth is that in the UK many people forget various different types of savings accounts worth a combined amount of many millions of pounds.

Examples are Post Office savings accounts given to a child, but long since forgotten; some Premium Bonds given as a gift to a baby; insurance policies and savings accounts of people that have died.

Many owners are unaware of money lying unclaimed in pension plans, bank accounts, shares, Premium Bonds, building society accounts, insurance policies and the like. One staggering figure is that £35 million of Premium Bond prizes remain unclaimed. So, note that you can check wins on www.nsandi.com or by calling 0500-007007.

Most accounts that we might refer to as ‘lost’ hold less than £100, but there are some with more than a thousand pounds. Not many people can afford to ignore such accounts and leave them ‘lost’.

The first thing to think about regarding lost accounts is whether you or someone you know (a relative) might have one. Ask yourself questions such as:

• Did I have a savings account as a child?

• Was I given Premium Bonds when I was very young?

• Did I pay into an insurance or endowment policy that I expected to pay out later in life?

• Did I pay into a work-related scheme?

• Did I stop paying into an account or savings plan when I got married, divorced or was widowed?

Many banks and building societies have changed names or have been taken over and this doesn’t make tracking down accounts any easier. To find out what banks are now called, you can telephone the British Bankers’ Association (BBA) on 0207-216-8909 or the Building Societies Association (BSA) on 0207-520-5900.

Free tracing services are available from the BBA, BSA and National Savings & Investments (NS&I) and any bank or building society should be able to give you a form.

To trace employer or personal pensions, you should contact the Pensions Tracing Service, part of the Department for Work and Pensions. This can be done by phone or post or online). Armed with the details of the pension’s administrator, you should contact them to find out about any entitlement.

Stocks and shares

You can pursue these by either contacting the company concerned or one of the main share registrars – Computershare, Equiniti or Capita Registrars.

It may be that you are eligible for shares from a building society that has de-mutualised, but be warned that any entitlement expires after 12 years, so you probably need to be quick.

Insurance policies, or accounts with Friendly Societies

For these you should either approach the company directly, or if you cannot trace the company, approach their trade associations. A tracing service such as the Unclaimed Assets Register may be bale to help but will charge a fee.

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