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Later Life Issues

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Did you at one time pay into

a Pension Scheme?


       And forgot all about it?

    Let NFA help you to find it  -

      If it is still there, NFA will find it!


 Most People have several jobs throughout their working life.


    It is very easy to loose track of pension contributions made a long

    time ago to an employer that you have no longer any contact to.

    It is clear that there are huge sums of unclaimed money sitting in

    'forgotten' pension schemes.  

  Don't loose the right to your own money


If you think you have an entitlement

give NFA a call today and let the hunt begin!



01603 452686





Guarantee: If NFA is unable to recover any pension funds you will have

nothing to pay and are under no obligations. If NFA does recover forgotten/

lost pension funds, NFA will be entitled to a 'finders' fee' based on the amount

of work undertaken. The 'finders' fee' will never exceed 12% of the recovered

sum and will always be agreed in advance. No win = no fee = simple.



  The 'Pension Tracker' Service from NFA


As a fully FSA-authorised IFA-firm, Norwich Financial Advice (NFA) is ideally placed to conduct the search for 'missing' or forgotten pension funds - and can deal directly with former pension scheme providers, official authorities etc., and also advise you on any consequences (tax, reduced benefit entitlements etc.) of any newly discovered pension windfalls.




The 'hidden' pension billions.


According to This is Money (June 5th, 2012) there is in excess of £1.4billion retained in 'lost' or forgotten pension pots in the UK. These 'stranded' pots are often relatively small (less than £5,000) and are typically left behind as a result of job changes or career breaks, often early in peoples' careers.


Although these 'forgotten' pots may not be life-changing, they can, in many cases, provide a most welcome addition/supplement to current pension provisions.


The only problem is that they are not always easy to track down, and even when that is successful, there is the issue of actually getting access to the funds. 


An important issue is the multitude of changes in pension legislation in the UK over the past decades,


Although each pension scheme has its own rules and regulations and often specific conditions attached they are all, generally speaking, governed by the prevailing legislation at the time when contributions were made.


Some of the major regulatory pension changes made over the past 35-40 years are outlined in the right side panel on this page.


Although it is inappropriate to generalise too much, it is fair to say that over the years the protection of the individuals' pension entitlements have vastly improved.


Before 1975 people who left a job normally lost any rights to a pension. And even after that you may have given up those rights if you left within a few years. But it is indeed well worth checking. And, do not worry if you can’t remember whether you paid into the scheme or not. Sometimes it happens automatically and many people do not realise they are paying into a pension scheme.


The situation after 1975


The introduction of the Social Security Act 1973 (SSA 73) saw a significant improvement in the members retirement benefits within an employers pension scheme by allowing the member a deferred pension on leaving service. These rules were generally adopted by pension schemes from their formal introduction on April 6th 1975.


Many further amendments have been made since - and the general situation today is that in most cases where an employee leaves employment (after having joined the employers pension scheme) the employee will either be entitled to a refund of contributions or a deferred pension payable upon reaching normal retirement age.


The exact rules for taking your deferred pension can be quite complex and may be determined by the statutes governing your specific pension arrangement.


Reading the small print can be very important!


It was mentioned earlier that many of the 'lost' or 'forgotten' pension pots generally are relatively modest (although one NFA client recently found a pot worth well over £22,000!).


The simplest reason for this is probably that if you had contributed significant amounts of money for a significant length of time chances are that you would have remembered earlier - or at least have checked!


However, often the pleasant surprise may lie not so much in the size of the sum but in the guarantees attached. Thus, it is not uncommon to find e.g. guaranteed levels of annuities, or other generous benefits, which far surpass what is currently expected from pensions.


It can therefore be of vital importance that you have a professional advisor to look over that papers for you, so you don't miss out on such 'cherries'.


What to do with the funds if a hidden pension pot is unearthed?


The easy answer to this question is of course that:


                              it is entirely up to you as it is your money!


You should however be aware of the fact that it is not always possible simply to 'cash in' the pension and spend the money. The most likely scenario is that a proportion of the fund (normally 25%) can be taken as a tax-free lump-sum and the rest used for provision of a life-time pension (annuity).


However, there are specific rules relating to taking small pension sums (trivial commutation) which may (or may not) apply to your potential pension pot.






      Legislation relating to your rights

to obtain 'old' Pension Scheme



The pre-1975 situation:

Before 1975 a scheme member of an occupational pension scheme had very little or no statutory rights to benefits and could loose most or even all benefits that accrued as a result of leaving their scheme early.


The introduction of the Social Security Act 1973 (SSA 73) saw a significant improvement in the members retirement benefits within an employers pension scheme by allowing the member a so-called deferred pension upon leaving service.




                   Post 1975 Legislation:

SSA 73

When the The Social Security Act 1973 (SSA 73) Act came into force on 6 April 1975 it allowed for the preservation of a members pension rights, known as preserved benefits, after 5 years of service and include both employee and employer contributions.


For less than 5 years of service the scheme member was deemed entitled to a refund of their contributions to the scheme.


SSA 85-86

The required duration of employment was reduced in the Social Security Act 1986 from 5 years to 2 years and a refund of contributions being made with less than 2 years service was introduced.

From January 1986 the Social Security Act 1985 further allowed a member the opportunity to transfer their deferred pension from an occupational pension scheme.


The Social Security Act 1986 also introduced legislation to prevent employers from making membership of their occupational pension scheme compulsory and also approved personal pensions (APP) as suitable to receive pension transfers.

Subsequent legislation has further improved the situation for early leavers who have not yet reached retirement age – but the essence of the present situation is as described above.



We are not sure

how best to

arrange our

pension Investments.

How much risk can We

afford to take?

How much income can We get?

     find out more 



Don't lose your hard earned

Pounds in old and

perhaps forgotten

Pension pots.


Get smart, Get advice!


Taxation of Pensions:


Unless otherwise specified the general rule for taxation of pensions is that a tax-free lump sum (normally 25%) can be taken initially.


Income from the remaining pension fund is taxed at your marginal rate as for other earned income. It should be noted that age-related allowances may apply but will depend on your specific circumstances.



Important Notice!


As an increase in pension entitlements and/or

pension income may affect your tax position

and entitlement to means-tested benefits

it is important that these aspects are taken into

consideration before any pension benefits are



Norwich Financial Advice (NFA) is authorised to provide advice on all aspects of taxation, pensions and pension-related benefits.




Specialist Investment Advice



     Updates for those close to   retirement or already in retirement




Investing Clients' money is a task that demands the very highest level of profes-sionalism, integrity, experience and honesty. A clear focus on Goals and Strategy is essential...

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A modern up-to-date, optimised and efficient portfolio is not simply a collection of separate assets which have been haphazardly bundled together.

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It is integral to the Investment Philosophy of NFA that each client is unique and should be treated as such. It follows that different funds are selected and recommended for different portfolios...

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New rules allow increased flexibility for pension drawdown arrangements. But there are important aspects which need consideration.


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Income Drawdown - Is it

a ticking time bomb?

Changes in the Law and very low Gilt yields could impact on your drawdown Portfolio.


   Read More...►


You are always Welcome

to contact NFA for a free discussion

of your Pension arrangements


Phone: 01603 452686










Dr. Bjorn Drobak T/A Norwich Financial Advice is an appointed representative of Financial Ltd which is authorised and regulated

 by the Financial Services Authority (FSA No. 569071)

Decisions should not be taken based solely on the content of this website and individual advice should be sought first.

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