Worried about your pension?

We understand that hearing that the company funding your pension scheme is in trouble is very worrying. We'd like to reassure you that we're here to protect your pension.

What we do

We protect 8.9 million people across the United Kingdom who are members of defined benefit (DB) pension schemes, often known as final salary schemes.

We make sure members are looked after if the employer funding their pension becomes insolvent. If the pension scheme you paid into doesn’t have enough funds to pay you the pension it promised, we'll provide compensation in place of your pension.

Transferring out of your DB scheme

If you're a member of a DB scheme which is not in a PPF assessment period, you might be able to transfer out your benefits into an alternative pension arrangement, such as a defined contribution pension. To check this, speak to your scheme trustee or administrator.  

If the scheme has already entered an assessment period, by law, it's generally not possible to transfer out your benefits. 

Official guidance says it's in the best interests of most people to stay in their DB pension. You’ll be giving up both a valuable level of predictability in your retirement income and the protection we provide in the event of employer insolvency. If you decide to transfer out you typically can’t reverse it.

Be wary of people approaching you directly to offer transfer advice at a time your employer is reported to be in financial distress, as this could be a scam.