How safe are our pensions?

1813

Given the recent close to collapse of our pension system, just how safe are the pensions we have got? What would happen if the system theoretically did collapse? What would be our rights, if any? Thank you for your help.

Grumpy_chap

I think the actions of the BoE to shore up the system demonstrate that there is an inbuilt resilience in the wider arrangements around pension funds and no need to worry.

GibbsRule_No3.

If our Private Pensions did collapse, I assume I would then be eligible for Pension Credit, so help with my rent etc that I now pay out of those pensions.  At present I don’t qualify, I do actually feel I am probably just better off having the Private Pensions by a small amount.

Marcon

1813 said:

Given the recent close to collapse of our pension system, just how safe are the pensions we have got? What would happen if the system theoretically did collapse? What would be our rights, if any? Thank you for your help.

Lots of threads about just this topic, including recent ones (so no point constantly repeating the same information when it is still 'current')  e.g. https://forums.moneysavingexpert.com/discussion/6390839/boe-bailout/p1.

Use the search box above and have a scroll through - it'll depend on whether you are in a DB scheme (and whether it is private or public sector) or a DC scheme. 

Albermarle

1813 said:

Given the recent close to collapse of our pension system, just how safe are the pensions we have got? What would happen if the system theoretically did collapse? What would be our rights, if any? Thank you for your help.

There many different pension systems.
State Pension
Public sector unfunded Defined Benefit Schemes
Public sector funded Defined Benefit Schemes
Private sector Defined Benefit schemes
Annuities
Defined Contribution pots

Only the 4th type (maybe the third as well, I am not sure) came under some short term pressure recently, which now seems to be resolved.