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Tracking down missing money
I receive a lot of enquiries from people trying to track down old investments, particularly after an elderly relative has died, leaving behind a some dusty old paperwork.
According to the Unclaimed Assets Register, around 3 billion is owed to UK investors from shares and dividends and I am convinced that many people appointed as executors to wills unwittingly throw away tons of paperwork every year that could actually relate to some of this unclaimed money.
Old stocks and shares
A particular problem are old share certificates, particularly those that relate to companies that are no longer listed on the stock exchange. So, just how do you track these old companies down when all you have is a moth-eaten share certificate?
The best place to start is to check with the share registrar named on the old share certificate.
There are three main registrars in the UK – Capita, Lloyds TSB, and Computershare. They should be able to track the history of the company. However, if the company has changed registrar during its history, the registrar on the certificate will only be able to track the
shareholding up to the point of the change to the new registrar.
Alternatively, if the registrars can't help, contact the London Stock Exchange, which has records going back to the 19th Century. It will be able to tell you if a listed company has been taken over, changed its name or still exists.
Life insurance policies and pensions
In addition to unclaimed shares, there is around 3 billion of pensions and another 1 billion of life insurance and endowment policy proceeds that have never been claimed.
Obviously checking through old bank statements may throw up direct debits or standing orders relating to premiums paid into long-forgotten policies. If this fails, the Association of British Insurers can help you to trace old insurance companies, although it can't trace an individual pension or life policy for you.
For help with a particular policy, you will need to approach the pension or life insurance company direct.
You can track down preserved company pensions via a free service from the Pension Schemes Registry. Call 0191 225 6393 and ask them for a tracing request form.
Unclaimed national savings and premium bonds
There's another 3 billion of unclaimed savings and premium bond prizes sitting around waiting for the rightful owners to come forward.
National Savings & Investments will help you to trace overlooked NS deposits and unclaimed premium bond prizes. Call 0845 964 5000.
If you don't fancy doing the detective work yourself, you can get a company to do it for you for a fee.
Funds Reunited charges 10 to carry out checks with banks, building societies, national savings and company pensions, and 4 to search for life policies or endowments. Go to www.fundsreunited.com.
One final point - don't delay your search. Start as soon as possible, because the government is planning to divert some of the vast reserves of unclaimed wealth to charities and voluntary organisations. This means your long-lost fortune could be under threat if you don't find it and claim it soon!
Nick Plumb is an Independent Financial Adviser. Send your questions to him at Bright Financial Planning Ltd, 58 Station Road, Sudbury, Suffolk, CO10 2SP, email them to nickplumb@aol.com or telephone Nick on 01449 675674. Nick's answers to reader questions in this column are provided only as a general guide and do not constitute personal financial advice. Any readers who require specific financial advice on their own position should contact Nick for a complimentary consultation.
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Thursday 24 May 2012
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