FSCS on Pension Desposits

sheffieldeagle

Hi


Would be interested to know what the following means in relation to pension bank deposits:


Exclusions from protection

It is a deposit made by a depositor which is one of the following:
pension or retirement fund4

4 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded


Which type of pension do they mean would be excluded?


Many thanks

dunstonh

It would help to know where you are reading this so we have context.

stakeholder pension funds have 100% FSCS protection with no upper limit. Personal pensions have 100% FSCS protection on internal funds and some (but not all) external funds.

SIPPs have £50k FSCS protection on the SIPP. With the assets in the SIPP, it is £50k per fund house on regulated investments (such as UT/OEICs) but no FSCS protection on ITs/ETFs or shares.

If bought under advice, there are further FSCS protections

Dox

I'd guess on a credit union website?

AnotherJoe

What do you mean by a "pension bank deposit" ?
Is this a pension where you have a linked bank account with money it which belongs to the pension?

Marcon

dunstonh wrote: »

It would help to know where you are reading this so we have context.

Annex 3 to the PRA Rulebook: http://www.prarulebook.co.uk/rulebook/Media/Get/db8bc539-1fac-49e4-9601-2c78832323e4/PRA_2015_39/pdf

sheffieldeagle

Marcon wrote: »

Annex 3 to the PRA Rulebook: http://www.prarulebook.co.uk/rulebook/Media/Get/db8bc539-1fac-49e4-9601-2c78832323e4/PRA_2015_39/pdf

Sorry didn't make myself very clear it's the protection on bank deposits that I was referring to not pension funds. My mate was asking me if I was aware of the exclusions which includes the following:



a [FONT=Arial,Arial][FONT=Arial,Arial]deposit [/FONT][/FONT]by a pension or retirement fund (but excluding [FONT=Arial,Arial][FONT=Arial,Arial]deposits [/FONT][/FONT]by [FONT=Arial,Arial][FONT=Arial,Arial]personal pension schemes[/FONT][/FONT], [FONT=Arial,Arial][FONT=Arial,Arial]stakeholder pension schemes [/FONT][/FONT]and [FONT=Arial,Arial][FONT=Arial,Arial]occupational pension schemes [/FONT][/FONT]of [FONT=Arial,Arial][FONT=Arial,Arial]micro, small and medium-sized enterprises[/FONT][/FONT]);


I don't understand what it's referring to.


Thanks

Marcon

Final salary schemes run by larger employers. Are you worried because that's what you are in?

sheffieldeagle

To be honest I just want to understand it to explain to my mate. I don't understand why these would be excluded. Are you saying that a deposit into a bank account from a final salary scheme run by a large employer wouldn't have the same protection as one from a smaller employer? Why does size matter?


Thanks