Protecting Your Pension: Understanding the Risks and Taking Action

Pensions are supposed to be our safety net, our reward for years of hard work. But what happens when that safety net starts to fray? According to recent data from the Financial Services Compensation Scheme (FSCS), almost £2 billion in pension savings has vanished since 2019 alone. That's a staggering amount, with over 43,000 claims flooding in, mostly from men.

Why is this happening? Well, it turns out many people are losing their pension savings because the financial firms or advisers they trusted have gone belly up. Imagine counting on your hard-earned money for retirement, only to watch it disappear because someone else messed up.

The FSCS, the hero in this story, is raising the alarm. They've teamed up with TV presenter Jeff Stelling to spread the word and help people understand the importance of protecting their pensions. Jeff knows first-hand how devastating it can be to lose your retirement savings. He's seen it happen to footballers and hard-working folks alike.

Think it can't happen to you? Think again. Whether you're living large or just getting by, your retirement dreams could be shattered if you're not careful. That's why it's crucial to stay informed and take action to safeguard your future.

Martyn Beauchamp, the interim chief executive of FSCS, echoes this sentiment. He emphasises the substantial financial loss suffered by pension holders and the serious consequences it brings. Once the damage is done, it's often too late to fix it before retirement.

But there's hope. FSCS is on a mission to educate consumers and empower them to make smart financial choices. They offer tools like the pension protection checker, a free service to help you ensure your retirement savings are secure.

So, what can you do to protect yourself? Here are a few simple steps:

1. Stay Informed: Keep up-to-date with the latest news and information about pension protection. Knowledge is your best defence against financial pitfalls. Justizia offers accessible legal and financial guidance to keep you informed about your pension rights and protection.
   
   
2. Check Your Protection: Visit the FSCS website and use their pension protection checker to see if your savings are safe. Don't wait until it's too late. Utilise the expertise of Justizia to understand and assess your pension protection status, ensuring your savings are secure.
   
   
3. Seek Professional Advice: When in doubt, consult a trusted financial adviser. They can help you navigate the complex world of pensions and ensure you're making the right decisions for your future. Reach out to Justizia for expert legal advice and support in navigating pension-related matters and making informed decisions.
   
   
4. Take Action: If you suspect you've been misled or treated unfairly regarding your pension, don't hesitate to file a claim with the FSCS. They're here to help you get the compensation you deserve. Let Justizia handle your pension claim with their 'No Win, No Fee' basis, ensuring you get the compensation you deserve without financial risk.

At Justizia, we understand the pain of losing hard-earned money meant for retirement. That's why we offer support to reclaim what's rightfully yours if you've been affected by pension mis selling. Whether you were given bad advice, not informed about risks, or pushed into unsuitable investments, we're here to help.

Our 'No Win, No Fee' approach means you only pay us if we successfully obtain your compensation. We're committed to fighting for justice and making sure you get back what you've lost. Don't let pension loss derail your retirement dreams. Take control of your finances, check your pension protection, and remember, Justizia is here to make getting justice easier for you.

Reach out to us at contactus@justizia.co.uk or call us on 0330 818 3415 for personalised assistance. You can also check out our page on pension claims here.