Pensions Protection Plan To Keep Savers Better Informed

Law360, London (April 11, 2019, 12:12 PM BST) -- Consumers save less for retirement because most believe the government is barely protecting their pension, meaning new disclosure requirements are needed to keep savers better informed about how their nest eggs are being protected, the U.K.'s statutory compensation scheme said on Thursday.

The Financial Services Compensation Scheme has announced proposals to work with pension plans to boost the amount of information consumers get on how much of their retirement savings is protected if their provider goes bust.

Two-thirds of consumers wrongly think their protection is capped at £5,000 ($6,540), the FSCS said, and just four percent could put their finger on...

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