Do you own a lost or over-taxed pension?


A major problem facing pensioners or those close to retirement is that people often can't trace a pension they believe they are entitled to. In some cases, pensions have been lost because records were destroyed after a change of pensions administrator, according to Mr Kenny.

"In one case, the administrator for a pension scheme changed four times and the administrator in the middle destroyed the records for that scheme," said Mr Kenny. "We can do nothing without those records - we don't know what happened to the pensions and we cannot track them.

"In effect, some people have lost their pension as a result of this. There have been other cases where pensions have gone missing after a company has gone out of business or has been taken over by another business. Records have sometimes been lost when there is a handover to a new administrator, so the new administrator won't have all of the details of the preserved pensions that it is supposed to have."

A preserved pension is a pension which is owned by a former employee of a company, which that individual decided to leave in the company's pension scheme with a view to accessing it at a later date. It is these preserved pensions which are often the most difficult to trace.

They typically relate to pensions taken out at the start of an individual's career, before they moved to a long-term job.

You could be losing out on tens of thousands - perhaps hundreds of thousands - of euro by forgetting about or losing out on a pension taken out in your youth.

Call the Insurance Doctor if you want to check out the possibility of getting your pension back

Source: Do you own a lost or over-taxed pension? - Independent.ie