In analysis released today by FSCS, more than 43,000 claims have been received by the Financial Services Compensation Scheme (FSCS) since 2019 for total pensions losses reaching almost £2billion when authorised financial providers and advisors went out of business, according to new analysis of FSCS claims data, with four out of five made by men.

FSCS is only able to step in and pay compensation on pension and Self-Invested Personal Pension (SIPP) claims protected under FSCS’s compensation rules, which typically limits the compensation available to £85,000.

The data highlights the extent of the problem facing workers across the UK planning for retirement, with millions of pounds in savings lost every year from authorised financial providers or advisors going out of business. FSCS has released the new data to shed light on the scale of the issue and to raise awareness of what can be done to reduce the risk of loss to retirement savings.

FSCS’s analysis also shows that most claims for pensions losses have come from men over the age of 45; 77 per cent of the pension and SIPP claims handled by FSCS since 2019 have been made by men, with 95 per cent of all claimants aged between 45 and 75. To raise awareness with those most at risk, FSCS has partnered with television presenter and football broadcaster Jeff Stelling, to help amplify the messages of the campaign.

Jeff said: The impact of losing retirement savings can be devastating. While they vary for each individual, negative outcomes can include a much lower than expected quality of life, with some forced to sell their homes, stay in work for longer than planned, or scale back their retirement plans.

“People think it will never happen to them, but that complacency could cost you your retirement. I’ve seen it happen to footballers on thousands of pounds a day and FSCS sees it happening to hard-working people all the time; savers left with nothing because they’ve taken poor advice or haven’t stayed on top of their savings. Regardless of your income or lifestyle, your retirement dreams can be left in tatters.

Click here to read the full article

GET IN TOUCH!


  MAIL US
enquiries@growthinvest.com

  CALL US
020 7071 3945

FOLLOW US ON


Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.