Pensions experts have questioned the appropriateness and practicality of government plans to expand its dormant assets scheme to include pensions and insurance assets.
The programme currently allows the government to seize assets from accounts it considers to be dormant - in effect untouched for 15 years - and then channel the money towards good causes. At present, only assets from the banking sector can be transferred into the scheme, but the government has said there is "significant potential" to expand it to a wider range of areas - including pensions and insurance assets. For an account to be considered dormant, it must have been open throughout a 15-year period but with no transactions having taken place during that time. However, NOW:P...
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