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Dormant assets scheme to target lost pensions and investments

10-01-2021

Following a four-year review of the "dormant assets scheme" the Government has approved plans to raid forgotten pensions, share certificates and unclaimed payouts from life cover, potentially unlocking £800m in long-abandoned personal wealth for state spending. The scheme has already paid out close to £750m to good causes, the Telegraph reports, adding that details of when pensions and the other new assets included in the scheme will be officially classed as dormant is still being worked out. The Economic Secretary John Glen said: “Banks and building societies across Britain are working tirelessly to reunite people with forgotten assets. But on occasions where this isn’t possible, it’s right that these funds are used to tackle some of the most pressing social and environmental challenges."

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