Pensions

  

If you have a pension (or you were advised to get a pension) and the provider or adviser has gone out of business, you may be able to claim compensation with FSCS. Whether you have a pension, are thinking of getting one or changing it, you should check that it's FSCS protected.

 

Pensions are complicated, so we’ve built a tool so you can check what we protect.  Where we can’t give a definite answer, we’ve got some questions for you to ask your pension provider, so you can find out if you’re FSCS protected.

CHECK MY PENSION'S PROTECTION

 

Claims - what you need to know

Pension provider failures

Generally, FSCS can protect pensions that are provided by UK-regulated insurers, as long as they qualify as ‘contracts of long-term insurance’. A common example is an annuity, where you exchange the cash in your pension for a regular income from an insurance company.

Where FSCS can pay compensation, we will cover the pension at 100% with no upper cap. We cannot confirm whether individual plans with specific providers would be classed as 'contracts of long-term insurance' or not – you would need to speak to your provider directly. 

We can’t protect Occupational Pension Schemes (OPS) if they fail. These may be protected by the Pension Protection Fund (PPF).

Pension investment failures

Where an investment was held within a personal pension (e.g. a SIPP) or a Defined Contributions OPS, and the UK-regulated provider of the investment fails, FSCS may be able to pay compensation up to £85,000 per pension scheme member.

Where the failed investment was held within a Defined Benefits OPS, the pension trustee(s) may be able to make a single claim for compensation of up to £85,000.

Pension advice

If a UK-regulated adviser has given bad advice concerning a pension (e.g. to transfer it), FSCS may be able to pay compensation up to £85,000. If the adviser is still trading, you can complain to the Financial Ombudsman Service.  You may wish to seek guidance from MoneyHelper or independent financial advice, before moving your pension.

Find out more about defined benefit pension transfer advice here.

FSCS has joined forces with other organisations in the industry to create a helpful guide to support pensions savers during the COVID-19 pandemic. Read the guide now (pdf 979 KB).

Historical compensation limits

pensions

Pensions

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 do I make a claim?

Watch our short video to find out what to expect when you make a claim.

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How long will my claim take?

See how long pension claims typically take to process. 

Find out more

Find your failed firm

Find the financial firm that you did business with that's now failed.

Find your firm

Find out if you're able to claim

Click the button below to start your claim journey, or if you've already started a claim, to log in and follow its progress.

Pension questions to ask

Ask your pension provider these questions to ensure you're FSCS covered.

Download pdf (0.1 MB)

Visit the FCA's Scam Smart site

Avoid investment and pension scams by checking what's on the FCA's warning list.

Visit the site

Check the FCA register

Visit the FCA register to see if the financial firm you're dealing with is covered by FSCS.

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