There are many employees who have witnessed the issues of frozen pension in their professional lives. Before we begin with anything else let's first understand what really is a frozen pension? It is defined as that pension which has been left behind by an employee who for some reasons is no more employed by the firm or sponsoring employer.
Though pensions are considered a good way to sustain your old age. When a person nears his sixties due to less energy levels it can get almost impossible for him/her to continue working. However for a bright future or in case some employee is not satisfied with the preset organization he/she is working in, then naturally he/she would shift to a new firm. And in this scenario it is likely for them to become a candidate of frozen pension, which sure is a reason for worry.
It is seen that when eventually the employee and the scheme administrator are not in contact with each other and the pension amount is small, it is never claimed due to which it becomes frozen. But what if your claim accounts for a large amount you cannot afford to let go your hard earned money like this. Well, you always have the option to recover your frozen pension, you can go ahead and claim your rights.
Lets look at ways that can help in recovering your frozen pension-
Firstly is it important to know that the pension regulations permits all the firms to close down or freeze the funds if in case any employe has left their company. You should not panic in such a situation because exclusively designed freezing schemes will make sure your money is granted to you.
You can ask the employer to offer you alternatives to claim back your money. The pension money is completely yours, so you have full authority to file a claim for it.
You can consider the option of getting your pension from the old company to be transferred into something else which is more worthwhile. Furthermore this will enable you to shift your pension into a new fund which you can keep adding to. Also, this will offer you much more benefits than your present pension scheme, you are likely to enjoy more control as well. If you are going for this option then you need to be very careful and check if any hidden clause is not added.
Irrespective of what option you choose to go for, each and every information which relates to your frozen pension benefits need to be kept in a safe place. So when you reach your old age you will have a good amount in hand to enjoy the luxuries of life. It is best to stay in touch with the trustees and fund managers, who will keep you updated and offer the best advice on how to melt down your frozen pension.
As the serious cases of frozen pension seem to be rising it becomes increasingly important to seek help from professionals who excel in dealing with such issues.
Though pensions are considered a good way to sustain your old age. When a person nears his sixties due to less energy levels it can get almost impossible for him/her to continue working. However for a bright future or in case some employee is not satisfied with the preset organization he/she is working in, then naturally he/she would shift to a new firm. And in this scenario it is likely for them to become a candidate of frozen pension, which sure is a reason for worry.
It is seen that when eventually the employee and the scheme administrator are not in contact with each other and the pension amount is small, it is never claimed due to which it becomes frozen. But what if your claim accounts for a large amount you cannot afford to let go your hard earned money like this. Well, you always have the option to recover your frozen pension, you can go ahead and claim your rights.
Lets look at ways that can help in recovering your frozen pension-
Firstly is it important to know that the pension regulations permits all the firms to close down or freeze the funds if in case any employe has left their company. You should not panic in such a situation because exclusively designed freezing schemes will make sure your money is granted to you.
You can ask the employer to offer you alternatives to claim back your money. The pension money is completely yours, so you have full authority to file a claim for it.
You can consider the option of getting your pension from the old company to be transferred into something else which is more worthwhile. Furthermore this will enable you to shift your pension into a new fund which you can keep adding to. Also, this will offer you much more benefits than your present pension scheme, you are likely to enjoy more control as well. If you are going for this option then you need to be very careful and check if any hidden clause is not added.
Irrespective of what option you choose to go for, each and every information which relates to your frozen pension benefits need to be kept in a safe place. So when you reach your old age you will have a good amount in hand to enjoy the luxuries of life. It is best to stay in touch with the trustees and fund managers, who will keep you updated and offer the best advice on how to melt down your frozen pension.
As the serious cases of frozen pension seem to be rising it becomes increasingly important to seek help from professionals who excel in dealing with such issues.