I got £17k back after my pension operator went into liquidation
Janet* took advice to transfer her pension into a self-invested personal pension (SIPP) but when the SIPP operator failed, she turned to FSCS for help.
Janet* had a pension pot sitting untouched from a previous career after being made redundant in 1991. She was well into what became a 30-year teaching career when she received a call out of the blue from a knowledgeable sounding adviser. At the time, Janet was comfortable with her retirement planning; however, she felt she could do more with the untouched pension pot that she also had from a previous career.
Upon the advice of the adviser, she transferred the pot from her previous career into a SIPP. The financial adviser subsequently became poor at staying in touch and in February 2018, Janet received an email saying the SIPP operator was heading into liquidation and that her funds had been frozen.
The firm officially failed in 2019 and a friend suggested Janet contact FSCS to make a claim. She did this via our website in 2020 and we paid her £17,000 in compensation.
At the time of receiving her compensation, Janet had just reduced her hours at work so getting all the money she invested back from FSCS came at a very good time.
Janet said, "The support provided by FSCS was very good and I was kept regularly informed."
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*Identity changed for privacy. Photo used is stock imagery.
"The support provided by FSCS was very good and I was kept regularly informed."