BusinessCompany NewsDeceased pensioners claim £200m a year

Deceased pensioners claim £200m a year

Self-administered pension funds are losing over £200m annually as money continues to be claimed on behalf of dead pensioners, according to a recent study by BDO Stoy Hayward.

Link: Pensions survey – The final countdown

The study, carried out by BDO’s newly-created pensions investigation service, estimated that £1bn has been claimed in the last ten years on behalf of dead pensioners. At any one time, pension funds will be making payments to about 70,000 deceased pensioners, it said.

Andrew Durant, head of BDO’s fraud investigation team said: ‘At a time when pension funds are having to stretch further on decreasing investment returns, it is more vital than ever that these claims are reigned in.

‘Using data matching an algorithm technology, we track and compare pension providers records with public records such as death certificates to ensure that pension funds are not paying out anyone they shouldn’t be.’

The new service, developed in conjunction with Keypoint Services Limited, aims to remove recently deceased claimants so that legitimate living pensioners do not lose out.

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