8 minute read
Financial Matters
from SE22 March 2020
by SE Magazines
Vanishing Pots Of Pension A round one in four adults under 55 years are at risk of losing their share of £37 billion in unclaimed pension funds. Research published last month suggested 1.6 million pensions are currently missing, with each pot worth £23,000.
This is not surprising when you consider: the death of the job for life no longer exists; people are changing jobs more frequently; and over 10m workers automatically enrolled into workplace pensions.
If you have changed jobs or moved home without informing your pension provider, it’s easy to lose track of those savings. Even though you may no longer be actively contributing into an old workplace pension, the fund may continue to be invested and earn interest which can grow steadily over time.
To help pension savers, the Pension Tracing Service (PTS) was established by the government to allow pension savers to track down their pension provider administrator. This free service was launched in 2016. It does not advise if you have a pension with a provider or how much it may be worth. It is a service solely, to identify the administrator of the pension provider.
Access to the service will always require pension savers to know their national insurance number plus the different pension pots they may have lost track of over the years. These may be workplace pensions or personal pensions. When searching for lost public-sector pensions, you will be directed to a specific pension enquiry service. Once the administrator’s details has been obtained, pension savers can contact them directly. However, to improve success rates it is advisable to have a record of your employment dates per employer. It should be noted that the PTS does not feature all pension plans in the UK, therefore it may not hold details of some of your pension plans. With David Frederick FCCA | Marcus Bishop Associates | marcus-bishop.com
The simplest way to keep track of any pension plan, especially workplace pensions when you change jobs, is to notify your pension provider so they can easily contact you. Your pension provider should be informed whenever you move home or change your personal details, such as email address or phone number.
Another option, although one that is more relevant to defined contribution pensions, is to consider holding your pension pots in one place. In theory, making it easier to manage your savings.
Defined contribution plans are workplace pension schemes where employees and employers contributions are invested; and the proceeds used to buy a pension and/or other benefits at retirement.
This type of pension is by far the most common. Following the birth of auto-enrolment in October 2012, consolidating your pension may not suit other types of pension plans, where exit fees can apply and valuable benefits or guarantees may be lost.
Individuals with defined benefit or finalsalary pension plans have a set level of income based on their annual salary when they retire. As such, consolidation may not be the best practice. Some employers have been known to offer incentives for people to transfer final-salary pensions, but those who do so are usually worse off after. Never transfer a defined benefit pension plan or undertake any pension activity without seeking advice from an FCA (Financial Conduct Authority) regulated pension advisor.
Older pension schemes may have valuable benefits, such as guaranteed annuity rates, that can be lost following a transfer, which goes some way to explaining why over-55s are usually reluctant to consolidate their pots.
The FCA estimated in 2018 pension savers were defrauded out of pensions which had taken some 22 years to accumulate. Never be rushed or pressured into making a pension decision. Furthermore, always reject any unexpected pension offers, and always ensure the advisor is FCA regulated before engaging or changing any pension arrangements.
DaviD ReynolDs PAINTING & DECORATING PAVING & FENCING
WILLIAM BAILEY Solicitors
A local friendly firm established for over 20 years We specialise in Wills & Probate, Lasting Powers of Attorney, Conveyancing & Lease Extensions and Family Law. The Lodge, 47 East Dulwich Road, London, SE22 9AN 020 8693 9615 | info@williambaileysolicitors.co.uk
Saturday 14 March: Dulwich Choral Society 7.30pm. Dulwich Choral Society presents Leonard Bernstein’s Chichester Psalms, along with Britten’s Jubilate in C and Canticle II ‘Abraham and Isaac,’ Janacek’s Otcenas (Our Father) and Vaughan Williams’s ‘Let All The World.’ With treble and tenor soloists, harp, percussion, organ and piano. Conducted by DCS Music Director Aidan Oliver, Choral Director at Glyndebourne and of the Edinburgh Festival Chorus. Tickets £20 pounds (£5 under 18) via dulwichchoral.com or on the door. All welcome! All Saints Church, Lovelace Road, West Dulwich. Sunday 15 March: Midcentury Modern® at Dulwich College 10am – 4pm. 60 top midcentury dealers descend upon the bold brutalist Christison Hall and red brick Victorian cloisters of Dulwich College for the day with 28 modern designers too. Expect an eclectic mix including original travel, film posters and artwork, iconic furniture, industrial, lighting, rugs, textiles, throws, glass pieces, ceramics, wallpaper and jewellery. Entry closes at 3.30pm. Doors close at 4pm. modernshows.com/shows Tuesday 17 March: An Evening with Eleanor Lipman
7.30pm. Village Books are delighted to welcome Eleanor Lipman, author of The Inn at Lake Devine, Then She Found Me and The Family Man to Dulwich. Eleanor will be discussing her new book Good Riddance: One woman’s trash becomes another woman’s treasure, with deliriously entertaining results. Bell House, 27 College Rd, Dulwich, London SE21 7BG. Tickets £10 (includes a glass of wine). www.village-books.co.uk.
Monday 16 March: Nunhead WI meeting We are a friendly and exciting Women’s Institute group, established 2015. If you’d like to join us or pop along as a guest (£3 fee) to our next meeting, we’d love to meet you. We meet upstairs at the Old Nun’s Head pub on the 3rd Monday of each month @8pm. www.nunheadwi.wordpress.com. Thursday 19 March: Lars Mytting – The Bell in the Lake 19.00 – 20.30. Join one of Scandinavia’s best-loved storytellers, Lars Mytting, as he talks about his brilliant new novel, The Bell in the Lake. The first in a rich historical trilogy that draws on legend, The Bell in the Lake is a beautiful, heart-breaking romance set in the wilds of northern Norway. Dulwich Books, 6 Croxted Road, West Dulwich, SE21 8SW. £10 / £22 (Admission + a copy of The Bell in the Lake). Tickets via Eventbrite.
Friday 20 March: U3A Dulwich & District Meeting 2pm till 4pm Beacons of the Future Celebrating the 150th anniversary of the School Board for London, Geoff Pick Director of the London Metropolitan Archives. Herne Hill Baptist Church, Half Moon Lane, SE24 9HU. https://u3asites.org.uk/dulwich Saturday 21 March: Never Weather-Beaten Saile 7.30pm. To mark the 400th anniversary of the sailing of the Mayflower carrying the Pilgrim Fathers to begin a new life in America. The Friends` Musick chamber choir will tell the story of that fateful voyage in words and music. Narrated by a descendant of a servant on board, with additional narrative from one of the singers descended from William Brewster – a key figure among the Pilgrims. London Premiere, performed in period costume. Tickets: £12, £10 Online: Eventbrite . Limited availability at door. www.bellhouse.co.uk/allevents. Bell House, 27 College Road, Dulwich SE21 7BG.
Saturday 21 March: Concordia Spring Concert – The Venetian Masters 7.30pm. For this special Spring Concert, Concordia would like to take you on a musical magic carpet to Venice. St. John the Evangelist, 2 Sylvan Rd, SE19 2RX. Tickets cost £14 at the door, or £13 in advance: www.concordiachamberchoir.co.uk. Tuesday 24 March: Falastin – A Cookbook by Sami Tamimi and Tara Wigley 7.30pm. Join Village Books and Alleyn’s School Enterprise for a culinary evening with authors Sami Tamimi and Tara Wigley who will be discussing their new book Falastin. The Lower School Atrium, Alleyn’s School, Townley Road, East Dulwich, SE22 8SU. Tickets £10/£8 Copies of Falastin will be on sale on the night for £20(RRP £28). Sami and Tara are the co-authors of Jerusalem and Ottolenghi: The Cookbook, and Ottolenghi SIMPLE.
Tuesday 24 March: "The Endz” Premiere by The Multi Story Orchestra & students from Harris Academy Peckham 7-8pm An original piece of music theatre bringing together rap, spoken word and songs to shed light on how gang violence impacts young people, in their own words. Following the death of an ex pupil from Harris Academy Peckham last year, a group of 30 young people from the school are now telling their own story about the bitter reality of gang culture today through art. Theatre Peckham, 221 Havil St, Camberwell, SE5 7SD. Tickets: £6. multi-story.org.uk/upcomingevents Wednesday 25 March: She Is Fierce – Amazing Female Writers That History Forgot 11am-12pm. Babble Talks are daytime TEDstyle talks for parents, not about parenting. For parents and carers with babies under 1 year old. Anthologist Ana Sampson seeks out the hidden talent of female writers of the past. Who are these women and why do we not already know their names?. East Dulwich Picturehouse, SE22 8HD. www.babbletalks.com.
Wednesday 25 March: Cooking with Scissors An opportunity for local business professionals to meet, make new contacts and gain new business. Meets at downstairs at Franklins, 157 Lordship Lane, SE22 8HX from 6.45pm – 8.45pm. FREE ADMISSION. for information & registration email: sbn@cookingwithscissors.co.uk. Friday 27 March: enSEmble26 Concert Doors 12 for 12.30pm. Celebrate Beethoven’s 250th birthday as enSEmble26 performs the complete violin and piano sonatas on a Friday each month at St John the Evangelist Church, Upper Norwood, Sylvan Road, SE19 2RX. Tickets @Eventbrite / Door. £10 & £8 Concessions. Buy 4 concerts and the 5th is free. ensemble26.com Friday 27 March: Plosive Comedy with Ed Gamble Line-up: Ed Gamble, Jamali Maddix, Suzi Ruffell & Adam Hess Time: 8pm (Doors 7.15pm). Venue: The MCT at Alleyn’s Alleyn’s School, Townley Rd, East Dulwich SE22 8SU. Price: £17 (plus booking fee). Age Restriction: 18+. www.plosive.co.uk. Friday 27 March: Lunchtime Concert 12.30pm. Beethoven Violin Sonatas op.12. no.3 in Eb major. Ellie Fagg- Violin and Eleanor Meynell – Piano. St John the Evangelist Church, Upper Norwood, SE19 2RX. Tickets £10/£8 on the door or from Eventbrite. www.ensemble26.com. Friday 27 March: Wizz Jones, Alfie Jones, Zach Johnson at The Ivy House We are delighted to welcome back Wizz Jones, supported by his nephew Alfie, plus Zach Johnson. Wizz learned his craft from the likes of Davy Graham and Long John Baldry in the coffee bars of London’s Soho during the late fifties, busked through Europe with Rod Stewart, and was cited by John Renbourn and Eric Clapton as an important early influence. Zach is an indie/ folk singer/songwriter from South-East England, writing lyrically-driven songs that feature his intricate guitar playing and powerful vocals. Door 7pm, Live music starts 8pm. £10/8 advance, £12/10 on the door. www.thegooseisout.com
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