Pensions

Generally, FSCS can protect pensions that are provided by UK insurers, as long as they qualify as ‘contracts of long-term insurance’. A common example of this is an annuity, where you exchange the cash in your pension for a regular income from an insurance company. We cannot confirm whether individual plans with specific providers would be classed as “Long-term Insurance” or not. For this information you would need to speak to your provider directly.

We don’t protect final salary pensions or defined benefit pensions. These pensions may be protected by the Pension Protection Fund. You can find out more at the Pensions Advisory Service.

If a regulated adviser gave you 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 you are misadvised in relation to your pension, for example, when transferring money from a defined benefits scheme to a self-invested personal pension (SIPP), other compensation limits could apply. You may wish to seek guidance from the Money & Pensions Service, or independent financial advice, before moving your pension.

Pensions

Pensions

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.

 

If your pension provider fails
  • 100% of your claim, with no upper limit.

 

If your SIPP operator fails
  • 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.

 

If your pension provider fails
  • 90% of your claim, with no upper limit.

 

If your SIPP operator fails
  • 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.

 

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.