Pension problems: Billions vanish from UK retirement funds

Almost £2bn has been lost from UK pension pots in the last five years after the authorised financial providers and advisers managing them have gone out of business, with £800m unable to be refunded. Over 43,000 claims have been made against companies that have gone bust and left people without a pension since 2019, data from the Financial Services Compensation Scheme (FSCS) has revealed. While investors can sometimes get their money back, the FSCS is only able to refund pensions protected under FSCS compensation rules, which normally limit the compensation available to £85,000. Read more about the story 👇 https://www.cityam.com/billions-vanish-from-retirement-funds-after-pension-providers-shutter/ Get more of City A.M. 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: http://www.linkedin.com/company/cityam #pension #retirement #pensionfunds #personalfinance #news #fscs #finance #firms #business #uknews Produced by: Larissa Howie, Scarlett Wild, Emmanuel Nwosu