Jeff Stelling on retirement savings

Millions of pounds in pensions savings are lost every year when authorised financial providers or advisors go out of business, with new data showing that £2 billion of workers’ pension pots has been lost in just four years.

New data from the Financial Services Compensation Scheme (FSCS) reveals that since 2019 more than 43,000 claims for total pension losses were filed, with men making up four out of five claimants. 77% of claims for pensions losses have come from men over the age of 45 and 95% of all claimants were aged between 45 and 75.

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, meaning workers across the UK planning for retirement should look to protect their pensions.

Aston spoke to broadcaster Jeff Stelling.

Photo by Colin Watts on Unsplash