"Lifetime mortgages are becoming an increasingly popular option as people take advantage of the value hidden in their homes"
Government statistics show there is currently over £400 million in unclaimed pensions savings in the UK.
Savers are also in the dark about how much they have put away with one in three workers (32%) saying they have no idea what they have saved and a further third (37%) saying they only have a vague idea.
The research also found that 21% of pension savers have no idea how to track their old pensions pots down
Simon Markey, OneFamily CEO, commented: “The start of New Year is a great opportunity for savers to get their existing investments in order, plus think about the future and what they might need. Tracking down and keeping on top of existing savings is the first step, but also thinking about what you might need in your later years, and how you plan to fund them, is equally important.
“For those nearing retirement who may find they don’t have as much put away as they hoped, there are a number of alternative ways to fund it. Lifetime mortgages are becoming an increasingly popular option as people take advantage of the value hidden in their homes, and over the last year, the number of people using these has increased by nearly 60% as homeowners take advantage of the house price increases we have seen over the last few years.”
