When you put your hard-earned money away, you want to know you're protected should something go wrong - especially with a long-term investment like a pension.
In this article, we'll look at what happens if your pension provider goes out of business.
If your pension provider goes out of business, you may be due compensation from the Financial Conduct Authority (FCA).
How much you'll get back depends on:
If a SIPP provider goes bust and you aren't able to transfer your pot to another provider, you'll be able to claim compensation from Financial Services Compensation Scheme (FSCS). In most cases, you'll be eligible to receive up to £85,000 of your savings back.
If you aren't sure which kind of pension you have, or you want to know more about how your money is protected, it's always best to check with your pension provider.
With Penfold, there are a number of safeguards in place to make sure you'll always be able to get your money back.
Everything you pay into your pension is invested by our fund managers, BlackRock or HSBC, depending on which pension plan you chose.
The good news is that, should something happen to Penfold, your money is held by them, not us. This means you can simply transfer your savings to another provider - ready to access when the time comes.
BlackRock and HSBC are two of the largest money managers on the planet - responsible for billions in diversified investments across the globe.
In the extremely unlikely scenario that Penfold AND BlackRock and/or HSBC were to go out of business, your money is protected by FSCS. This means you'll be eligible to claim up to £85,000 back in compensation.
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