Many different organisations help to protect your pension, such as The Pensions Regulator and The Pensions Ombudsman. Here’s what you need to know, including help resolving problems and complaints.
Checking pension providers and advisers follow the rules
There are two main organisations responsible for making sure pension providers and advisers follow the rules.
If your employer set up your workplace pension
If you have a UK pension set up by your employer, The Pensions Regulator (TPR)Opens in a new window is usually responsible for making sure your pension provider is run properly.
They will also check your employer automatically sets up a pension scheme for you (if you’re eligible) and pays in their contributions.
You can report concerns about your workplace pensionOpens in a new window for them to investigate, but they won’t give you any feedback.
If you set up your own pension, received advice or bought an annuity
The Financial Conduct Authority (FCA)Opens in a new window is in charge of the rules for your provider if you:
- set up your own pension
- have a contract with the pension provider, such as a group personal pension
- received pension advice from a regulated financial adviser
- have used your pension pot to buy a guaranteed income (called an annuity).
You can check if your provider is regulated by searching the FCA registerOpens in a new window If your provider or adviser isn’t listed, you can report an unauthorised firmOpens in a new window
Resolving complaints about pension providers and advisers
You’ll usually need to complain to your pension provider or adviser first, and give them a chance to put things right.
If you’re not happy with their response, or you haven’t heard from them after eight weeks, you can take your complaint for free to:
- The Pensions OmbudsmanOpens in a new window for complaints about your pension scheme provider, or
- the Financial OmbudsmanOpens in a new window service for complaints about financial advisers who gave you advice or sold your pension.
They will look at the facts without taking sides and try to resolve your issue. The company or adviser you’ve made the complaint about usually has to do whatever they decide.
For more help, see our guide How to complain about a problem with your pension.
Paying compensation if your pension provider, employer or adviser goes out of business
The Financial Services Compensation Scheme (FSCS)Opens in a new window might pay you compensation if:
- you have a defined contribution pension (the most common type) and your pension provider can’t pay you, and/or
- a financial adviser gave you poor pension advice and has since gone out of business.
If you have a defined benefit pension (final salary or career average) and the employer paying for it goes out of business, The Pension Protection Fund (PPF) will step in to either find a new provider or pay you at least 90% of your pension in the form of compensation payments.
For more information, see our guide What happens to your pension if your employer goes out of business.
Compensation if your pension provider has committed fraud
If you have a workplace or occupational pension (usually just one set up by your employer), it might be trust-based. This means a group of people called trustees are responsible for managing all the money.
If your employer goes out of business and your pension has lost money, the Fraud Compensation Fund (FCF)Opens in a new window can investigate if this was because of illegal activity. You can make a claim online, but your pension trustees will usually do this for you.
They will then decide if your pension scheme should be paid compensation for any lost money.