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 Financial Conduct Authority (FCA) authorises your adviser.

How can I check if my adviser is FSCS protected?

Search the FCA register using your adviser’s firm reference number (FRN) for the most accurate results. Find the FRN in your paperwork or emails, or ask your adviser if you can’t find it. If the FCA search results show the adviser’s status as ‘authorised’, FSCS may be able to compensate you if they fail.

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.