Insurance, pension and investment assets to be shifted to Reclaim Fund and could aid Covid relief efforts

Savers who have lost track of pension and investment funds will have their money used for charitable causes that could aid Covid recovery efforts under government plans to expand its dormant asset scheme beyond bank accounts.

The Reclaim Fund was established in 2011 to distribute the cash from bank and building society accounts that were left unclaimed for at least 15 years. It came after banks were accused of bolstering their balance sheets by sitting on dormant savings.

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