A power of attorney – also known as a lasting power of attorney – is a legal document that lets you appoint one or more people to help you make decisions or to make decisions on your behalf.
There are two types, one covering property and financial affairs and one covering health and welfare.
A redress scheme was set up by the Government in February after it realised that people had been charged more than the administration costs for setting up a power of attorney.
But a Freedom of Information Act request by pension provider Royal London has revealed that out of 1.9million people who could be entitled, just 203,000 had claimed by August 28.
The refunds apply to powers of attorney registered between 1 April 2013 and 31 March 2017 in England and Wales.
How much can I claim?
Here's what you need to know:
- Applied between April 2013 and September 2013: £54 per attorney
- Applied between October 2013 and March 2014: £34 per attorney
- Applied between April 2014 and March 2015: £37
- Applied between April 2015 and March 2016: £38 per attorney
- Applied between April 2016 and March 2017: £45 per attorney
You’ll get half the refund if you paid a reduced fee.
How much you can get back depends on the year you took out the attorney, but it could be as much as £54 per attorney – you’ll also get 0.5 per cent interest on top.
So if you took out both a financial affairs and a health attorney, then you could be due up to £108.
Helen Morrissey, spokesperson at Royal London, said: “The refund option has been available for some time now and, as yet, only a small proportion of people have submitted a claim.
"The onus really is on the Government to sort it out. It should be contacting people who have not yet claimed a refund to make sure they get their money back.”
You can claim online via Gov.uk or by phone on 0300 456 0300 – you'll need to have your UK bank account number and sort code, plus a copy of the power of attorney to hand.
It takes up to 12 weeks for your claim to be processed.
If your claim is approved, the refund will then be paid into your bank account.
You can appeal a decision if your claim is rejected by contacting the refunds helpline on the number above.
It's worth noting that even when the person who the attorney was for has dies, you can still claim. In this scenario the executor of the will or administrator of the estate needs to claim the refund.
New figures recently revealed that there's over £10billion of unclaimed benefits – are you missing out?
Charity AgeUK warned earlier this year that two million Brits are missing out on key benefits that they’re due because they’re not online to apply for them.
Plus, here's more information on whether you can you claim Income Support, and whether it's included in Universal Credit or other benefits.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516. Don't forget to join the Sun Money's Facebook group for the latest bargains and money-saving advice.
Source: Read Full Article