A new survey has discovered that two-fifths of pension savers have never checked whether their money is protected by the Financial Services Compensation Scheme (FSCS) which compensates people when firms go bust.
Some 40 per cent of those saving into a pension have not checked whether their retirement fund will be safe should the worst happens.
If a pension provider or a financial adviser goes out of business, the FSCS may be able to step in and pay compensation. Protection varies depending on the type of pension product, however, people can quickly check their pension protection by using a tool on the FSCS website at www.fscs.org.uk/pension-protection-checker.
The FSCS recommends people could ask their provider how much of their pot is protected and whether money transferred over from an existing protection would also be covered.The survey of 2,000 people also found more than one in 10 (12%) people do not know when they last checked the balance of their pension pot and a fifth (20%) have never checked.Caroline Rainbird, chief executive of FSCS, said: "The face of retirement has changed, and it never looks the same for any two people, but the importance and value of a pension remains the same."Those funds, which we build up over a long period of time, enable us to enjoy an important period of our lives - whether they are used to fund travel plans or hobbies, or provide for our families.”He continued: "While we don't need to be checking our pension pots as often as our day-to-day accounts, it is important for people to know how much is in them, so they are aware whether they are on track to be able to afford their retirement dreams."When they are checking their current pension savings or thinking about making a change
Read more on dailyrecord.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.