Is my pension protected?
If an independent financial adviser recommends you move your pension to get a higher reward, it can be very tempting. But what if they don’t tell you about the risks and you end up losing your entire pension because of their bad advice?
FSCS protects pension advice so we can pay you compensation if this happens to you and your adviser fails. You might not get your whole pension back but you could claim back enough to make a big difference. Before you take out any kind of pension, find out if your money is FSCS protected. We can only protect you if the FCA authorises your adviser.
How can I check if my pension is FSCS protected?
If your pension provider or financial adviser goes out of business, we may be able to step in and pay compensation. But FSCS protection varies depending on the type of pension product, and there are limits to the amount we can compensate.
Pensions
After 1 April 2019
- If your pension provider fails
100% of your claim, with no upper limit. - If your SIPP operator fails
Up to £85,000 per eligible person, per firm. - Bad pension advice
If you’ve received bad advice in relation to your pension, you could be eligible to claim compensation - up to £85,000 per eligible person, per firm.
See more on our pensions protection page.
Between 3 July 2015 and 31 March 2019
- If your pension provider failed
100% of your claim, with no upper limit. - If your SIPP operator failed
Up to £50,000 per eligible person, per firm. - Bad pension advice
If you’ve received bad advice in relation to your pension, you could be eligible to claim compensation - up to £50,000 per eligible person, per firm.
Between 1 January 2010 and 2 July 2015
- If your pension provider failed
90% of your claim, with no upper limit. - If your SIPP operator failed
up to £50,000 per eligible person, per firm. - Bad pension advice
If you’ve received bad advice in relation to your pension, you could be eligible to claim compensation - up to £50,000 per eligible person, per firm.
See more on on pensions protection page.