💷 Money Clinic: ‘I am looking at annuity options for my pension – but how safe are they?’ thomasselby, head of retirement policy at investment platform AJ Bell, gives his guidance ⬇️
The first thing to say is that it is rare for a firm administering your retirement pot to go bust – but not unheard of. Many readers will, for example, remember all-too-well the Equitable Life scandal over two decades ago.
It is the Financial Services Compensation Scheme that is the relevant organisation in these matters. The Financial Conduct Authority regulates retail financial services in the UK, reporting directly to the Treasury. When it comes to investing through vehicles such Isas or self invested personal pensions the compensation cap is £85,000.
It is therefore sensible to check your investments are covered by the FSCS before handing over your money.you are using goes bust this shouldn’t usually result in you losing money. This is because a platform doesn’t normally hold your money directly – instead it provides a low-cost route for you to invest in things like stocks, funds and bonds. It is these end investments where the FSCS protection kicks in , which is one of the reasons doing due diligence on those investments is so important.
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