Answered by Andrew Jenkinson
There are lots of rules and regulations in place to ensure that money held in your company pension is safe.
If the worst happens, and your final salary pension scheme ends up being wound up because the company you work for has gone bust, then you might be able to claim compensation from the Pension Protection Fund.
Pension Protection Fund
This was set up in 2005 to protect people with final salary pensions. It does not apply to people with money purchase or defined contribution pensions.
If you have a defined contribution pension and the company you work for goes bust, your pension savings should be safe, as they will be held by the bank or fund manager it is invested with.
If they run into financial difficulties, then the Financial Services Compensation Scheme (FSCS) will aim to move your money to an alternative company. If this doesn’t work, you should get 90% of whatever you’ve saved into your pension back.
Frequently Asked Pensions Advice Questions
Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.
First class service. Helped me through the process from start to finish. Egle and Francis were very professional and talked me though all my options. Once the policies were set up, the after care after was also first class. Highly recommend. 5 stars all day long.
Victoria was very helpful about selection of suitable insurance. She always answered all questions in a timely manner.