'Regardless of your income or lifestyle, your retirement dreams can be left in tatters'
Thousands of people have lost their retirement savings in the past five years, with almost £2 billion of pensions and savings wiped out, according to data from the Financial Services Compensation Scheme .
FSCS protection does not cover all financial services and is only able to offer compensation to customers of authorised financial services firms that have failed or stopped trading. For retirement savers, this means that only lost savings in authorised private pensions and Self-Invested Personal Pensions can be covered.
The FSCS has partnered with veteran football broadcaster Jeff Stelling to raise awareness of the scale of the problems facing the pensions sector, as well as the gender disparity in those most at risk. “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.
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