Fifth of consumers never checked pension value - FSCS

Many unaware if pots are protected

Jenna Brown
clock • 1 min read

A fifth (20%) of people have never checked the value of their pension savings with a further 12% stating they do not know when they last checked up on their retirement savings, according to the Financial Services Compensation Scheme (FSCS).

Research published by the lifeboat fund also highlighted that 40% of people with pensions had not checked if their pot would be protected by the FSCS should their provider go out of business. It said those surveyed reported they had not checked if their pension is FSCS protected because they did not have time or did not know how. The FSCS said it released the findings to highlight its pension protection checker tool. It explained consumers can find out how much protection FSCS may offer on their pension by answering a few simple questions.  FSCS chief executive Caroline Rainbird(pi...

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