If your pension scheme is closing or being frozen , then its time to take necessary steps to trace the money and get them back. As we know – time is money, delay in taking action can only add to the difficulties in getting your hard earned money back.
The key to taking action is to understand why your pension plan is set to ice over. There are two ways leading to a pension freeze – soft freeze and hard freeze. A soft freeze might end the accumulation of benefits based on years of service, but could still provide for accumulation of benefits based on pay. Whereas, hard freezes imply that an employee is not entitled to earn future benefits under the defined benefit plan. Unless your employer has violated the law, unfortunately, there’s is nothing much you can do about a frozen pension plan.
But fortunately, with the help of companies dedicated to dig out lost or unclaimed investments, the process could run smoothly and efficiently. Such companies employ experts specialising in assisting people to claim their money back. Experts claim that one of the major roadblocks is lack of knowledge. Most people are not even aware that they can get their money back, leave alone knowing about such companies. Each country has different rules to reclaim frozen pensions. So, if you think you do not have the adequate knowledge it is better to leave it to professionals.
Companies working towards helping people to claim money from a frozen pension plan, will carefully study your case and churn out the most suitable solution. They will also help you transfer your previous investments to your present scheme and carry out all the required legal formalities. What’s more they would help you in every possible way to help you gain confidence and money from a frozen pension.
In UK, there are strict regulation protecting the rights of scheme members. Even if your scheme is closed, you can still continue to pay and receive the benefits. There may be alternative schemes to the original. However, if your pension has been frozen, you cannot pay into it. This is where experts can guide you to the right direction. So, if you think you cannot regain your lost money, it’s time to do some research and find out a professional company that can turn your frozen asset into liquid money.