Workplace pensions

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Protection for your pension

How your pension is protected depends on the type of scheme.

Defined contribution pension schemes

If your employer goes bust

Defined contribution pensions are usually run by pension providers, not employers. You will not lose your pension pot if your employer goes bust.

If your pension provider goes bust

If the pension provider was authorised by the Financial Conduct Authority and cannot pay you, you can get compensation from the .

Trust-based schemes

Some defined contribution schemes are run by a trust appointed by the employer. These are called 바카라 사이트˜trust-based schemes바카라 사이트™.

You바카라 사이트™ll still get your pension if your employer goes out of business. But you might not get as much because the scheme바카라 사이트™s running costs will be paid by members바카라 사이트™ pension pots instead of the employer.

Defined benefit pension schemes

Your employer is responsible for making sure there바카라 사이트™s enough money in a defined benefit pension to pay each member the promised amount.

Your employer cannot touch the money in your pension if they바카라 사이트™re in financial trouble.

You바카라 사이트™re usually protected by the if your employer goes bust and cannot pay your pension.

The Pension Protection Fund usually pays:

  • 100% compensation if you바카라 사이트™ve reached the scheme바카라 사이트™s pension age
  • 90% compensation if you바카라 사이트™re below the scheme바카라 사이트™s pension age

Fraud, theft or bad management

If there바카라 사이트™s a shortfall in your company바카라 사이트™s pension fund because of fraud or theft, you may be eligible for compensation from the .

If you want to make a complaint about the way your workplace pension scheme is run, read .

View a printable version of the whole guide

Part of Plan your retirement income: step by step

  1. Step 1 Check when you can retire

    1. Check what age you can get your State Pension
    2. Find out about working after you reach State Pension age
    3. Find out if you can retire early with your workplace or personal pension

  2. and Check how much pension you could get

    1. Find out how much State Pension you could get (your forecast)

    You may also be paying into a:

    1. Find out if you바카라 사이트™ll pay tax on your pension
    2. Find contact details for a lost pension

  3. Step 2 Increase your pension

    You might be able to increase the amount you get if you delay your pension.

    1. Find out about delaying your pension

    You might be able to pay voluntary contributions to fill in gaps in your National Insurance record (such as, from when you were not working or claiming benefits).

    1. Check if you can pay voluntary National Insurance contributions

    For advice about increasing your workplace or private pension, speak to a financial adviser.

  4. Step 3 Check what other financial support you could get

    Check what financial help you could get if you:

    You can also get free bus travel if you:

  5. Step 4 Decide when to retire

    1. Get advice on planning your pension and deciding when to retire