Around £880million worth of pensions and insurance policies have been left unclaimed, often by households who’ve lost track of their cash.
But it is possible to get your money back and find your lost savings - we explain everything you need to know.
It comes as plans to expand the dormant assets scheme were mentioned today in the Queen’s Speech.
Through the current version of the scheme, cash that is sitting in forgotten current and savings accounts can be raided and given to good causes and charities if they haven’t been touched in 15 years.
An estimated £745million has been accessed in dormant current and savings accounts since 2011 alone.
But there are now plans for the scheme to include insurance, pensions and investments.
This expansion was first announced in January this year, but was then referenced in the Queen’s Speech today.
The Queen’s Speech outlines Bills that are expected to be passed by the government over the next year.
What is the dormant asset scheme?
Companies must always try and reunite people with their lost money in the first incidence, before handing over any cash elsewhere.
This means they should make a reasonable effort to contact you about your funds.
It is important to remember that dormant assets remain the property of their owners, who can reclaim any money owed to them in full at any time.
How to track down lost pensions
It can be easy to lose track of pensions if you’ve changed jobs often during your working life.
If you haven’t got a record of who you may have a pension with, you could check in with your old employer.
They should be able to pass on details of the pensions company you were signed up to - you’ll then need to contact them to see how much money you have stashed away.
Or if you’re really stuck, there is a free Gov.uk Pension Tracing Service that will help you track down relevant contact details.
They won't be able to tell you whether you have a pension or what its value is - again, you’ll need to contact the companies yourself - but it is a good starting point.
The Pensions Advisory Service is another free service with a pension tracing tool.
Some services charge for their pension tracing tools, so make sure you try out these free options first before spending any cash.
How to track down lost insurance policies
If you already know the name of an insurance company that you’ve previously had contact with, try the free Policydetective.co.uk website to find its contact details.
Again, like the pensions tools we mentioned above, you'll need to get in contact with the company yourself.
For car insurance policies, check the Motor Insurer's Bureau Database .
But for travel, home and other insurance policies, you may need to do some digging yourself as there isn’t a central database as such.
You could try checking your bank and credit card statements to see which companies you’ve paid money to.
How to track down lost investments
If you know the name of a company you have shares with, start by contacting them to see how much money you potentially have.
Computershare, Equiniti, and Link Asset Services also holds information on company shares
They’ll conduct a search for free but they will charge you if you need a replacement certificate.
