You may be eligible to claim compensation if your pension firm has failed and was authorised by the Prudential Regulation Authority or the Financial Conduct Authority.
How much compensation you receive will depend on the exact nature of the product you bought and how your pension was invested.
If your claim involves the mis-selling of a pension product, then we treat this as investment advice. If you’ve received unsuitable advice to transfer your retirement savings to an FSCS-protected personal pension, we would protect the claim up to £50,000.
Self-invested personal pensions (SIPPs) are a type of ‘wrapper’ for a bundle of different financial products. This can include insurance, investments or deposits. A SIPP manager, fund manager, bank, building society or insurance company can directly provide a SIPP.
If the pension claim relates to an annuity or life cover product provided by an insurance company that has failed, these would qualify as long-term insurance contracts which we can protect up to 100% with no upper limit.