Billions on tap

By SIMON MOON
Updated:

 

BILLIONS of pounds in long-forgotten savings accounts may be plundered to compensate employees whose company pension schemes have collapsed. But could some of that money mountain belong to you?

It is estimated that £15 billion lies unclaimed in the vaults of the nation's financial institutions. The Conservatives are the latest to suggest that this money could be better employed elsewhere, and the idea seems to be gathering momentum.

So if it is possible you have family money tied up in forgotten accounts, now is the time to act.

If you think you or a dead relative had a building society savings account but do not know which one, contact the Building Societies' Association on 020 7437 0655 or visit www.bsa.org.uk. For lost bank accounts, try the British Bankers' Association on 020 7216 8909, www.bba.org.uk and click on 'dormant accounts', or contact your local branch.

Another route to missing millions is through the Unclaimed Assets Register (UAR), set up in 1999. It is supported by more than 50 companies, including BP, Standard Life, Legal & General and Vodafone.

As well as tracing insurance policies, the UAR includes certain unit trusts, dividends, personal pensions. The UAR charges £18 to trace lost money, 10% of which goes to charity. A wider pension search costs £35. The UAR does not take a percentage of any funds you recover. For information, contact 0870 241 1713 or visit www.uar.co.uk.

There is about £3bn in unclaimed National Savings products, including Premium Bonds. They can be located using the organisation's free central tracing service, call 0845 964 5000, or go to www.nsandi.co.uk, where you can also check to see if you have won a Premium Bond prize.

For missing unit trusts, try the Investment Management Association on 020 7831 0898. For investment trusts call the Association of Investment Trust Companies on 020 7282 5555.

Lost shares can be found through share registrars. Capita Registrars on 0870 162 3100 (www.capitaregistrars.com) is the biggest, or try Lloyds TSB Registrars on 0870 600 3970.

Beware of using tracing agencies that contact people with the promise of tracing forgotten riches. They are likely to charge between 25% and 35% of the assets uncovered.

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