A recent report explains how the UK government is planning to expand its dormant accounts scheme to include some pensions, shares, and bonds, and take our money and donate billions of pounds to charity, according to Hargreaves Lansdowne.

The scheme will eventually mirror the dormant account scheme where the provider hasn’t been able to get in touch with the investor for at least 12 years, and there’s been no activity on the account. If you hold only cash in your account then after six years it will be considered dormant.

Banks and insurance company’s charges and fees will not be dormant, but your account will be considered dormant!

Your money could be taken and “allocated” to good causes by the National Lottery Community Fund. However, the current dormant accounts scheme gives people the right to reclaim their money at any time in the future.

The dormant accounts scheme has been running since 2011, and £1.2 billion in so-called dormant bank and building society accounts has been earmarked for charity.

3 steps to help avoid losing your accounts
1. Simplify your investments

It’s easier to track things if you don’t have multiple pensions, investments, and savings accounts in different places. Consider consolidating them with a single service, without losing any valuable benefits, subject to the government deposit protection limit of £85,000. As always, take independent financial advice.
2. Record and inform family members

Record and create an asset register (or just a simple list on a spreadsheet or on paper) listing what you have, and where your accounts are. Keep this securely with your Will (which can be kept with a Solicitor or the executors of your estate) so nothing goes missing after you have left this earth. You should also talk to your close family about savings and investments, which also involves them in the investment decisions.
3. Review 

Review your finances at least once a year and update your assets register. This is a good way of reviewing interest rates and investment performance.

Listen to my Money Tips podcast The 3 R’s of Money Management, tow of which are ‘Review’ and ‘Record’, on iTunes or Stitcher.

How to find lost accounts and investments

Lost pensions

If you had an employer, workplace pension, you’ll need the name of the employer or the scheme and the dates you worked there. Contact the employer and requestor contact details of the administrator. For insurance company personal pensions, try to find any old paperwork to give you an idea of where your

A recent report explains how the UK government is planning to expand its dormant accounts scheme to include some pensions, shares, and bonds, and take our money and donate billions of pounds to charity, according to Hargreaves Lansdowne.
The scheme will eventually mirror the dormant account scheme where the provider hasn&rsquo;t been able to get in touch with the investor for at least 12 years, and there&rsquo;s been no activity on the account. If you hold only cash in your account then after six years it will be considered dormant.
Banks and insurance company&rsquo;s charges and fees will not be dormant, but your account will be considered dormant!
Your money could be taken and &ldquo;allocated&rdquo; to good causes by the National Lottery Community Fund. However, the current dormant accounts scheme gives people the right to reclaim their money at any time in the future.
The dormant accounts scheme has been running since 2011, and &pound;1.2 billion in so-called dormant bank and building society accounts has been earmarked for charity.
3 steps to help avoid losing your accounts
<ol>
<li>1. Simplify your investments</li>
</ol>
It&rsquo;s easier to track things if you don&rsquo;t have multiple pensions, investments, and savings accounts in different places. Consider consolidating them with a single service, without losing any valuable benefits, subject to the government deposit protection limit of &pound;85,000. As always, take independent financial advice.
<ol>
<li>2. Record and inform family members</li>
</ol>
Record and create an asset register (or just a simple list on a spreadsheet or on paper) listing what you have, and where your accounts are. Keep this securely with your Will (which can be kept with a Solicitor or the executors of your estate) so nothing goes missing after you have left this earth. You should also talk to your close family about savings and investments, which also involves them in the investment decisions.
<ol>
<li>3. Review </li>
</ol>
Review your finances at least once a year and update your assets register. This is a good way of reviewing interest rates and investment performance.
Listen to my Money Tips podcast <a href="https://podcasts.apple.com/gb/podcast/money-tips-the-3-rs-of-money-management-tm/id1442532994?i=1000426799012">The 3 R&rsquo;s of Money Management</a>, tow of which are &lsquo;Review&rsquo; and &lsquo;Record&rsquo;, on iTunes or Stitcher.
How to find lost accounts and investments
Lost pensions
If you had an employer, workplace pension, you&rsquo;ll need the name of the employer or the scheme and the dates you worked there. Contact the employer and requestor contact details of the administrator. For insurance company personal pensions, try to find any old paperwork to give you an idea of where your

Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.  Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business.  Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation.   For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.&nbsp; Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business.&nbsp; Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation. &nbsp; For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

Money Tips Podcast

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. 

Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business. 

Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation.  

For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

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