Consumers not checking pensions are safe, FSCS warns

The data suggests that one in seven people (12%) don’t know when they last checked the balance of their pension pot, with a further 20% admitting to having never checked the value of their pension.

On top of this, the findings highlight that 40% of those saving into a pension have not checked if their pension is FSCS protected.

A common reason why people hadn’t checked if their pension is FSCS protected is because they said they didn’t have time or didn’t know how to.

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.

“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."