The reasons for pension getting frozen
People generally invest money in a variety of employee benefit schemes when working with their respective employers. After a job change there are instances where people leave behind their investments with their previous company. It can happen in situations where the employee forgets about his investments or the employer blocks it from their end and does not release the entitled amount. This accumulated amount that is lying with the company is termed as a frozen pension.
The resolution for frozen pension
If you are seeking legal help for recovering all of your previous investments that are lying with your previous employer then you can approach us directly. We have got a great team of legal experts that will help you in making all of your claims and assist in getting back the amount that had been invested. You will have to give us the details about your employment and also the pension plan and we will be revisiting it to study the facts. We are here to provide you full support throughout till whole amount you are entitled for has been recovered. You can fully rely on our services and relax and the rest will be handled by us.
Why should you recover?
A pension scheme is considered to be the frozen when the payments that are regularly made into it are stopped. So, any kind of discontinuation with respect to the contribution from the employee who has left his organization freezes the investments that have been made by the person. There has to be regular inflow of funds to the pension scheme to keep it activated. In such situations recovering the pension amount is very much important so that it does not get lapsed. The money should be recovered back on time as it can be put to good use. Getting the lump sum amount will definitely be useful during your retirement years. You can possibly reinvest the money in a new benefits scheme and yield better returns from it. Leaving back the amount in a frozen pension scheme is of no use as it will not fetch any returns. There are many investment schemes out there which will definitely get in more money. For these reasons recovering back the frozen pension is very much important.
Facts about frozen pension schemes
- In the UK there are certain strict rules with respect to frozen pension. For instance, if you leave an organization and until you find a new job your pension amount is going to be frozen until retirement.
- You will be entitled for all the benefits towards which you have made the contribution only if you belong to a money purchase or a defined benefit scheme.
- If you have left the job and have stopped contributing to the pension scheme then you might not be able to enjoy some of the benefits.
For further details about our services you can reach us at 033 002 2198