Do I need a second personal pension plan?

I have a Personal Pension Plan with Legal and General but was wondering whether it was wise to invest in a second plan with another provider.

Hopefully there will be nor more Equitable Lifes, but nothing is certain...or am I worrying needlessly - would the FSCS cover me fully?

Comments

  • Brynsam
    Brynsam Posts: 3,643
    First Anniversary Name Dropper Combo Breaker First Post
    Forumite
    Enigmaman wrote: »
    ...would the FSCS cover me fully?

    A quick bit of googling gets you the answer: https://www.fscs.org.uk/what-we-cover/products/pensions/

    Are you worrying needlessly? Very probably, although it's entirely understandable, given the high profile of cases such as Equitable Life.
  • dunstonh
    dunstonh Posts: 116,044
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Hopefully there will be nor more Equitable Lifes, but nothing is certain.

    Equitable Lifes issue was relating to a certain fund with unsustainable guarantees. That type of fund isnt offered by any provider any more. Scottish Widows were the last to offer a guarantee.

    There were no issues with Eq Life unit linked funds.
    would the FSCS cover me fully?

    if you use internal insured funds you get 100% FSCS protection.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh wrote: »
    Equitable Lifes issue was relating to a certain fund with unsustainable guarantees.

    Unaffordable Guaranteed Annuity Rates did for Equitable Life.

    Royal London are reportedly considering offering sweeteners to policyholders willing to give up GARs.
    http://www.thisismoney.co.uk/money/pensions/article-5524789/Should-pension-perks-80-bonus.html
    .
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards