A pension is a very secure way to save for your future. There are protections in place that guard your savings should your employer or your pension provider go out of business. You can read about those here.
Penfold does not manage money directly. When you add money into your Penfold pension it is invested in a special plan provided by BlackRock, the world’s largest investment manager, who would continue to invest your pension if we ceased to exist.
Additionally, your pension is protected by the Financial Services Compensation Scheme (FSCS) should the investment manager fail, where the government protects up to £85,000 of your money (just like every other bank).
Penfold is regulated by the Financial Conduct Authority (FCA) which means that everything we do is subject to a wide range of controls and procedures that are approved by the UK's financial regulator to keep your pension safe and secure.
There are some other factors though that could impact your pension savings:
Declaring yourself bankrupt will have an impact on your day-to-day finances, including what happens to pension. It's important you understand how this will work before you declare for bankruptcy.
When and if your pension will be affected will depend on what type of pension it is, whether you’re receiving an income from it and whether you’re able to receive any payments from your pension within 4 years of becoming bankrupt.
When you get divorced (or dissolve a civil partnership) any workplace or private pensions savings that you or your partner (husband, wife or civil partner) have is taken into account when dividing up your shared assets.
Benefits built up for the new State Pension (which applies from 6 April 2016) can’t be split, although some parts of the old State Pension arrangements can.
Pensions may be split (or shared) at the time of a divorce, or part of the pension might be ring-fenced for one partner to receive at retirement.