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There is a wide selection of different pension schemes available, but more often than not, when a person undertakes a pension scheme, they will not see out the payments until the plan’s maturity. When the payments stop being made, which can happen for a multitude of reasons, the pension now becomes frozen pension, with the funds sitting in one place. Switching jobs, suffering an injury, leaving full-time employment, entering full-time study or leaving work to take care of children can all be situations in which a person now has a frozen pension.
Although the word frozen indicates a lack of movement or fluctuation, it is not strictly true that money in this situation will remain static. Although the money that has been accrued might be written off or forgotten about by the employee, it is still subject to changes within the economy or market meaning it can increase or decrease accordingly. Leaving these funds locked up can frequently lead to them being entirely depleted through fees and annual charges, the interest not being enough to keep the balance positive.
It is therefore wise to seriously consider reclaiming these funds.Instead of abandoning these balances and allowing the amounts to dwindle out, it’s often more wise to try to reclaim the funds and reinvest them elsewhere. Although applying for a withdrawal can be a taxing and confusing process, you are more than eligible to get back any money that is frozen in one of these schemes.