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.
If the firm failed after 1 April 2019
- and it was your pension provider
we can pay 100% of your claim, with no upper limit - or if it was your SIPP operator
we can pay up to £85,000 per eligible person, per firm - or if it gave you bad pension advice
we can pay up to £85,000, per eligible person, per firm.
For compensation requirements and historical compensation limits, see the 'Claims - what you need to know' section below.
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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.
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 thePension 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 theFinancial Ombudsman Service. You may wish to seek guidance fromMoneyHelperor independent financial advice, before moving your pension.
Find out more about defined benefit pension transfer advice here.
How do I make a claim?
Watch our short video to find out what to expect when you make a claim.
How long will my claim take?
See how long pension claims typically take to process.
Find your failed firm
Find the financial firm that you did business with that's now failed.
Pension questions to ask
Ask your pension provider these questions to ensure you're FSCS protected (pdf 0.5MB).
Pension protection checker
Use our tool to check your pension's protection.
Check the FCA register
Visit the FCA register to see if the financial firm you're dealing with is covered by FSCS.
Historical compensation limits
If the firm failed between 3 July 2015 and 31 March 2019
If it was your pension provider that failed
- 100%of your claim, with no upper limit.
If it was your SIPP operator that failed
- up to£50,000per 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£50,000per eligible person, per firm.
If the firm failed between 1 January 2010 and 2 July 2015
If it was your pension provider that failed
- 90% of your claim, with no upper limit.
If it was your SIPP operator that failed
- 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.
