Questions And Answers
How safe is my pension annuity in the current economic climate?
asked by Tony Sawyer posted 3 Years ago at 12:15
Hello guys, I am 58 years old and have been paying into a pension for more years than i care to remember, but given the current economic turmoil I am concerned for the safety of my annuity if the financial institution behind it collapses. Will my money be safe? I have a standard annuity (a non-profit policy) not an investment linked annuity. Any help would be greatly appreciated.
1-2 of 2 Answers
Roy659 answered 3 Years ago at 13:48, last modified: 2 Years ago at 14:56Do not fear Tony, if unfortunately it happens that your insurance company is declared insolvent and cannot pay your annuity, you would be protected by The Financial Services Compensation Scheme also known as the FSCS. The amount of compensation you would receive is as follows: 100 per cent of the first ?2,000 of your pension income in full, then 90 per cent of the remaining amount. Here?s hoping that you don?t face any issues like that, and that we all can shortly get back to some financial stability! Hope that puts your mind at ease. Roy.
Tony Sawyer answered 3 Years ago at 13:49, last modified: 2 Years ago at 14:56Thanks Roy, sound advice, it has indeed put my mind at ease.
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