Pensions

Your pension, as long as the Prudential Regulation Authority or the Financial Conduct Authority authorise it, is well protected, whether it’s a workplace or self-invested personal pension (SIPP). A SIPP is a type of ‘wrapper’ for a bundle of different financial products, including insurance, investments or deposits. You can find out more at the Pensions Advisory Service. But if your pension provider fails, you’re entitled to compensation.

If you were given advice to move your pension and it turned out to be unsuitable, you could also claim compensation. If the adviser is still trading, visit the Financial Ombudsman Service to see your rights. If the adviser has stopped trading, we may be able to pay you compensation.

The money that makes up your pension can be held or invested in different financial products, each with its own compensation limits, and these have changed independently over time. You can find these limits in the section below.

Pensions

Pensions

 

There are several different kinds of pension. How much compensation you could claim depends on how your pension is invested.

Annuity

If you’re drawing a set retirement income from an annuity, even if it has a savings element, and the firm fails.

  • 100% protected.

 

Investment

If your pension is held as an investment, you could claim for misleading investment advice, poor investment management or misrepresentation if you’ve lost money as a result and the firm that advised you has since failed.

  • up to £85,000 per eligible person, per firm.

 

Cash

If your cash is held in a bank, building society or credit union and it fails.

  • up to £85,000 per eligible person, per firm.

 

Annuity

If you’re drawing a set retirement income from an annuity, even if it has a savings element, and the firm fails.

  • 100% protected.

 

Investment

If your pension is held as an investment, you could claim for misleading investment advice, poor investment management or misrepresentation if you’ve lost money as a result and the firm that advised you has since failed.

  • up to £50,000 per eligible person, per firm.

 

Cash

If your cash is held in a bank, building society or credit union and it fails.

  • up to £85,000 per eligible person, per firm.

 

Annuity

If you’re drawing a set retirement income from an annuity, even if it has a savings element, and the firm fails.

  • 100% protected.

 

Investment

If your pension is held as an investment, you could claim for misleading investment advice, poor investment management or misrepresentation if you’ve lost money as a result and the firm that advised you has since failed.

  • up to £50,000 per eligible person, per firm.

 

Cash

If your cash is held in a bank, building society or credit union and it fails.

  • up to £75,000 per eligible person, per firm.

 

Annuity

If you’re drawing a set retirement income from an annuity, even if it has a savings element, and the firm fails.

  • 100% protected.

 

Investment

If your pension is held as an investment, you could claim for misleading investment advice, poor investment management or misrepresentation if you’ve lost money as a result and the firm that advised you has since failed.

  • up to £50,000 per eligible person, per firm.

 

Cash

If your cash is held in a bank, building society or credit union and it fails.

  • up to £85,000 per eligible person, per firm.

 

Annuity

If you’re drawing a set retirement income from an annuity, even if it has a savings element, and the firm fails.

  • 90% protected.

 

Investment

If your pension is held as an investment, you could claim for misleading investment advice, poor investment management or misrepresentation if you’ve lost money as a result and the firm that advised you has since failed.

  • up to £50,000 per eligible person, per firm.

 

Cash

If your cash is held in a bank, building society or credit union and it fails.

  • up to £85,000 per eligible person, per firm.

 

How long will the pension claim process take?

3 months

Once we’ve got your completed application and all the associated evidence we’ll aim to make a decision on your claim within three months. If it’s a complex claim it may take longer.