image of couple checking their pension

A fifth of savers have never checked the value of their pension

Worrying new research has revealed that 20% of pension savers have never checked the value of their pension pot.

According to the research conducted by the Financial Services Compensation Scheme (FSCS), a further 12% said they had previously checked the value of the pension but couldn’t remember the last time they had done so.

Savers also lack knowledge around FSCS protection

In addition to these findings, 40% of pension savers didn’t know if their pension would be protected by the FSCS if their pension provider went bust. Those in this group said they either didn’t have time to check if their pension pot was FSCS protected or didn’t know how to do it.

Commenting on these findings, FSCS Chief Executive Caroline Rainbird 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.

“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 to their investments, it is also important to know their money is protected if something went wrong, for reassurance and peace of mind. That is why we’ve developed our pension protection checker – to make it quick and easy for people to check.”

Check your pension is protected by the FSCS

If you don’t know if your pension pot is protected by the FSCS, you can check on the FSCS website.

If your pension provider goes bust, we can help you get your money back

If your pension provider fails, or you were mis-sold a pension transfer by a firm or adviser that later goes out of business, we can help you get up to £85,000 of your money back via the FSCS.

Contact us here for a free, no-obligation review of your pension and take the first steps to getting back at least some of your money.

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