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Pension Sleuth is a firm who has extensive experience in helping people in tracing down their frozen pension. By utilizing our expert services, you can track down all of your money that you have invested while working with previous employers and we will help you in recovering your hard earned money. If you have any query or want to enquire about Pension Sleuth then please call us at 0333 002 2198 Toll Free.
Pension Sleuth | pension_sleuth

What is Frozen Pension Plan?

Aug 29th 2014 at 12:08 AM

A pension plan can be a substantial support for every individual after the retirement, but there are increasing scenarios where people are deprived from acquiring their hard earn retirement funds due to various reasons. Generally, a layman always invest in the retirement plans from an early stage of his career and envision to spend a secured future with the expected post retirement funds. Such planning and dependency can be spoiled in cases where the pension plan invested upon gets frozen due to various legal implications.

Any pension plan or any other health insurance policy is generally offered by an employer to its employee as company benefits. The pension plan is regulated by the company and regular deposits are made as long as the employee is on the payroll of the company.

The termination of the services of an employee always allows the employer to take leverage and cease the continuation of the pension plan. Such situation puts the pension holder into dilemma and due to lack of information a person always let go of the investment plan and also even forget in some cases as the initial aggregation of the invested amount is very low. Continuation or discontinuation of the deposits in the pension plan of the ex-employee of any organization depends completely upon the company’s policies and demeanor towards its employees.

Such pension plan which is not operational for years is termed as Frozen Pension Plan. Such forgotten or neglected pension plans can add huge interest over the years to sum and can result in incredible figures to the maturity fund.

As most people don’t have adequate knowledge to comprehend the legal status of their Frozen Pension Plan, they presume that either their pension policy is terminated or it will take prolonged legal formalities to claim for the funds.

These increasing scenarios have drawn financial advisors focus towards the matter which has led many financial advisory firms to help and guide with relevant matters.

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