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.
