Compensation from FSCS meant I could retire at 60 as planned

In 2015, Helen took advice to consolidate some of her retirement savings into a SIPP. Shortly after doing this, she started noticing that the statements she received each year were consistently showing a fall in the value of her pension pot.

Helen wasn’t worried at first as she had a number of years before retirement.

When Helen turned 60, she discovered she could start claiming her local authority pension and it prompted her to look again at her personal pension. When she looked at the SIPP, she found that the money had been invested in a number of unsuitable high-risk investments, such as car parks and overseas hotels. She also discovered that she wouldn’t be able to fully access her SIPP until she was 75.

Helen spoke to a financial adviser and managed to withdraw some money, but couldn’t access the remainder and her adviser suggested she contacted FSCS as she may have been mis-sold the SIPP.

Helen said the process took less time than she had expected. Having submitted her claim in September 2022, she received her compensation in January 2023. Helen explained, "I had always planned to retire at 60 but without the compensation from FSCS, I wouldn’t have been able to do this. I would have had to continue working for longer."

Her advice to anyone in her situation is "don’t be daunted, FSCS did a brilliant job and it was far easier than I thought it would be". For those worried that they might not be able to claim directly she says: "you definitely don’t need to go through anyone else" if you need to make a claim.

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*Identity changed for privacy. Photo used is stock imagery.