Almost £2bn of pension savings has been lost since 2019, with more than 43,000 claims having been received by the Financial Services Compensation Scheme (FSCS) since 2019, the majority (80 per cent) of which were made by men.

The FSCS highlighted its latest claims data as demonstration of the extent of the problem facing workers across the UK planning for retirement, with millions of pounds in savings lost every year from authorised financial providers or advisers going out of business.

It also revealed that most claims for pensions losses have come from men over the age of 45, with 77 per cent of the pension and self-invested personal pension claims handled by FSCS since 2019 made by men, and 95 per cent of all claimants aged between 45 and 75.

In light of the findings, and as part of its ongoing public awareness campaign, FSCS has partnered with television presenter and football broadcaster Jeff Stelling, to help amplify its message and encourage those most at risk to improve understanding of FSCS protection.

Commenting on the collaboration, Stelling said: “The impact of losing retirement savings can be devastating. While they vary for each individual, negative outcomes can include a much lower than expected quality of life, with some forced to sell their homes, stay in work for longer than planned, or scale back their retirement plans.

“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. Regardless of your income or lifestyle, your retirement dreams can be left in tatters."

Adding to this, FSCS interim chief executive, Martyn Beauchamp, said: “The financial loss to people’s pensions that we see in our claims is substantial and has serious consequences for thousands of people every year.

“FSCS has long highlighted the importance of checking that your pension savings are protected, as these types of claims often come to us long after the financial harm may have occurred – and by that point it can often be too late to rebuild before retirement.

“At FSCS we‘re committed to helping educate consumers, so they feel confident and informed when tackling important financial decisions, such as those faced when approaching retirement.

“Our free pension protection checker is just one of the tools that FSCS offers to help people feel confident about their money, and we encourage everyone to visit the FSCS website and check that their retirement savings are protected.”

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