Is my pension safe?

carolnev

I am currently receiving a pension from Barclays Bank which I took at age 50. If Barclays Bank collapses (heaven forbid!) would my pension be safe and still paid?
It is not a large amount but it enables me to work part time which is a bit of a luxury after working full time for 40 years.

dunstonh

If Barclays Bank collapses (heaven forbid!) would my pension be safe and still paid?

At least 90% of it is protected (assuming pension/lifetime annuity from Barclays life). However, it wouldnt really matter as the country couldnt afford for Barclays to go under and there would be bigger issues to worry about.

MikeJones_2

Hi carolnev,

carolnev wrote: »

I am currently receiving a pension from Barclays Bank which I took at age 50.

Just to clarify, were you an employee of Barclays and is your pension therefore being paid from a defined benefit scheme or are you referring to a personal pension that you took out through Barclays?

Mike Jones

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

carolnev

I was an employee of Barclays for 32 years and it was a pension based on final salary, which was non-contributable by me.

Dick_here

carolnev wrote: »

I am currently receiving a pension from Barclays Bank which I took at age 50. It is not a large amount but it enables me to work part time which is a bit of a luxury after working full time for 40 years.

You were working full-time from the age of 10 for Barclays ? Scandalous !