Legal & General (L&G) has launched a pension tracing and consolidation business to assist consumers as some £19.4bn of retirement savings remains unclaimed.
The provider has launched a ‘no-strings' tracing service to help people track down lost or forgotten pension pots and a separate consolidation service to combine multiple pots with L&G. The tracing service costs £100 with no obligation to buy a product once complete. If they choose to use L&G's consolidation service within six months the fee is waived. The provider said 1.6 million pension pots worth £19.4bn are currently unclaimed. The government runs its own Pension Tracing Service, however, the insurer said many people found the process too laborious and complex. L&G Retireme...
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