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Pension security

The Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) is the UK's compensation fund of last resort for customers of authorised financial services firms. This means that FSCS may pay compensation to consumers if a financial services firm (such as an insurance company) is unable, or likely to be unable, to pay claims against it.

The FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA).

If something goes wrong, the FSCS operates different levels of compensation according to the type of investment involved and protects:

  • Deposits;
  • Insurance policies(this includes any pension you may have bought with a pot of money from a private pension scheme);
  • Insurance broking (for business on or after 14 January 2005);
  • Investment business; and
  • Mortgage advice and arranging (for business on or after 31 October 2004)

The FSCS may compensate you if you:

  • were a customer of a company or individual authorised by the Financial Conduct Authority (FCA)
  • the company or individual has gone out of business; and
  • you have lost money as a result.

The FSCS doesn't cover occupational pension schemes. If you're contributing to or have contributed to an occupational pension scheme (which is not a salary related scheme) and are concerned regarding the security of your pot, you should contact the employer or the trustees.

Click here for salary related schemes and refer to the section on the Pension Protection Fund.

Click here to find out more about authorisation by the Financial Conduct Authority.

Frequently asked...

Where can I find out more?

If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.

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