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

 

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, we may be able to compensate you if you've a protected claim against a firm that's 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.