New research estimates that there are more than 3 million lost pension pots in the UK. These are pensions that have been paid into by an employer but the scheme can no longer find the person who owns it. The Pensions Policy Institute research also found number of lost pots has risen more than 17% since 2022. The Department for Work and Pensions told us millions of people will be saved from losing track of their pension pots thanks to its plans to consolidate deferred small pots in its forthcoming Pension Schemes Bill. The Pensions and Lifetime Savings Association says the industry has funded campaigns to raise awareness. Go to gov.uk and search 'pension tracing' to find contact details for your old pensions.
Hundreds of thousands of former university students are being urged to check if they have paid too much towards their student loan and if so to claim a refund. The campaign group Save the Student made the call in response to new figures from the Student Loans Company, published for the first time, which show former students are eligible for refunds worth £184m.
And in last week's Budget the Chancellor, Rachel Reeves, announced a reduction in the level of debt repayments that can be taken from a household’s Universal Credit payment each month. The new "Fair Repayment Rate" will reduce Universal Credit deductions from 25% to 15% per month. The government says that means that 1.2 million households will keep more of their award each month and those who benefit will gain an average of £420 a year.
Presenter: Paul Lewis
Reporters: Dan Whitworth
Researchers: Emma Smith and Jo Krasner
Editor: Jess Quayle
(First broadcast 12pm Saturday November 9th 2024)
