Nearly £2bn has been lost from pension savings since 2019, new data from the Financial Services Compensation Scheme (FSCS) has revealed.

Over the past five years, more than 43,000 claims have been received by the FSCS in relation to pension losses, when authorised financial providers and advisers went out of business.

The scheme is only able to step in and pay compensation on pension and self-invested personal pension (SIPP) claims protected under FSCS compensation rules, which typically limits the amount available to £85,000.

Analysis of the data highlighted the extent of the problem facing workers across the UK planning for retirement.

Seventy-seven per cent of the pension and SIPP claims handled by the FSCS since 2019 were made by men, with 95% being claimants between the ages of 45 and 75.

Interim chief executive at the FSCS, 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."

In order to raise awareness for those most at risk, the FSCS has launched a campaign with football broadcaster, Jeff Stelling, to help amplify the regulator’s message.

Stelling added: "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.

"It has never been more important that you take time to check your money – and your future – is protected and one simple step that everyone can do today is to make sure that their pensions are FSCS protected, because you may rely on it one day."

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