Will 'lost pensions' lead to increased use of equity release schemes?

 

A number of Expats have seen their retirement income reduced as a result of lost pensions, it has been suggested.

This could encourage a number of Expats aged over 55 years to use an equity release calculator to see how the value of any UK property they may still own could boost their income.

The trend has come to light after the Department for Work and Pensions released figures from its Pension Tracing Service.

According to the data, one in five of the people who have used the service have ended up uncovering lost savings, resulting in an average income boost of £16 per week.

UK Pensions minister Steve Webb said: "People need to make sure they're claiming everything they're entitled to in retirement.

"If you think you may have had a pension in a previous job or you once paid into a personal scheme that you had forgotten about, then the Pension Tracing Service may be able to help you to recover the money you invested."

Another way for Expats aged over 55 years can ensure they lead a comfortable retirement is to utilise some of the cash tied up in any property in the UK that they may still own.