Q&As about FSCS’s protection for retirement savings


What level of protection applies if I deposit my pension funds in a bank or building society and it fails?

What level of protection applies if I am already drawing a regular income from my pension via an annuity, and my provider then fails?

What level of protection applies if I am still building up my pension pot or have investment life savings?

What level of protection applies if I invest my pension fund?

What compensation limits apply to Self-Invested Personal Pensions (SIPPs)?

What compensation limits apply to a defined benefit pension scheme?

What compensation limits apply in relation to claims arising from accidents to the policyholder?

Are the government’s new pensioner bonds covered by FSCS?

What is the process should a life insurer fail?

What is the protection for occupational pension schemes?

Jargon Buster

  • Authorised firm

    a company, unincorporated body, partnership or individual permitted to carry out a regulated activity by the FCA or the PRA. This term includes a mutual (unincorporated) organisation, for example a friendly society.
  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • Eligible

    qualifying for compensation under Scheme rules.
  • FCA

    The Financial Conduct Authority is the UK's regulator for the financial services industry. 

  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.