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Could someone owe you money?

News Desk
News Desk
January 31st, 2023
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Former pension plans

These days, every employer has to provide each of their employees with a workplace pension. If you ever change your job, then the pension plan should be passed onto your new employer for them to take over. However, this doesn’t always work, though.

Sometimes, a new employer will simply start up a new plan for a new employee without seeing if they already have one. If this has happened to you, then there will be money in your old plan that you are entitled to. So, it’s worth finding out from your old employer who they had their pension plans with.

You should then contact this company to see what happened to your plan. If your new employer didn’t take it over, you should be able to transfer the cash into your new pension plan or simply withdraw it. You should be aware that you could be taxed on it if you do withdraw it, so it could be a better idea to simply transfer it to your new pension and boost your savings.

As you can see then, there are a few different people out there who might owe you some money. Get out there and find it before it’s too late.

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