Tackling Lost Pensions: A Conversation with Alan Morahan

For podcast Episode 10, we welcomed Alan Morahan, Chief Commercial Officer at Punter Southall, to discuss the vital issue of lost pensions.

📹 Watch the video on YouTube

Alan's contributions at Punter Southall, especially with the National Pension Tracing Day initiative, put him at the forefront of tackling this challenge. Join us for a thought-provoking discussion.

Key Takeaways

• Learn about Punter Southall's evolution from an actuarial practice to offering diverse services like pension administration and wealth management.
• Gain insights into the alarming issue of lost pensions in the UK, with nearly £27 billion unclaimed, and understand Punter Southall's commitment to tackling this through initiatives like National Pension Tracing Day.
• Discover the real-life benefits of pension tracing through success stories like Kerry Hatton's, who recovered six pensions worth £8000, highlighting the significant personal impact of reclaiming lost pensions.

Interview Summary

Paul: A warm welcome to Alan Morahan, the Chief Commercial Officer for Punter Southall. Thank you very much for joining us today, Alan.

Alan: You're welcome, Paul. Really appreciate it.

Paul: Alan, let's dive into our discussion. You've had a long and successful career at Punter Southall. Could you set the scene for us about the business and your role within it?

Alan: Punter Southall started over 30 years ago with a few people setting up an actuarial practice. It grew by offering additional services like pension admin services and wealth management. I joined about 18 years ago through the acquisition of Opus Consulting. It's been an exciting journey watching the business grow and evolve.

Paul: Speaking of evolution, the pension industry has seen significant changes. How has Punter Southall adapted to these shifts?

Alan: We've always been responsive to the market's needs. For instance, our Aspire to Retire service provides education targeted to the over-fifties, helping them understand retirement planning better. It led us to spearhead research that addresses the issue of lost pensions, which now amounts to nearly £27 billion.

Paul: That's an astounding figure. What drove you to focus on pension tracing?

Alan: We realised the enormity of the issue and wanted to create a national initiative. Our aim was to help people reclaim what's rightfully theirs, regardless of the pension pot's size.

Paul: Let's talk about the National Pension Tracing Day. What was the impetus behind it?

Alan: We wanted to reach a broader audience beyond our Aspire to Retire members. With the backing of major industry players, we established National Pension Tracing Day to raise awareness and guide people on reclaiming lost pensions.

Paul: Can you share a success story from this initiative?

Alan: One that stands out is Kerry Hatton from Somerset. He traced six pensions worth £8000 in total. It’s not a large sum by industry standards, but for individuals, this amount can be significant.

Paul: That's amazing. How do you see initiatives like the Pension Dashboard playing a role in addressing lost pension pots?

Alan: The Pension Dashboard will be a game-changer. However, it's a complex project, especially considering the need to integrate data from numerous and diverse pension schemes. Once operational, it will provide much-needed visibility and ease in managing pension pots.

Paul: Finally, Alan, what message do you have for our listeners, especially regarding pension tracing?

Alan: It's crucial to stay informed and proactive about your pensions. Check your statements, keep your contact details updated, and don't hesitate to seek help if you suspect you have lost pensions. Every penny counts towards a comfortable retirement.

Alan's insights shed light on a crucial but often overlooked aspect of financial planning – tracking and managing pensions. As the industry evolves, initiatives like National Pension Tracing Day and upcoming tools like the Pension Dashboard are set to play a pivotal role in helping individuals secure their financial future.

Reviewed By:

Sam Kendall, 05.06.24

Sabrina McClune, 05.06.24