Protecting my money

Hugs74

I have 85k ISA and 85k pension with the same bank.. am I best moving one to a different bank so if it did go bust I’m covered with 2 different banks or are pensions treated differently if a bank goes bust?

masonic

You'll probably find that the pension provider is a separate company, even if it carries the same bank brand. The protection for pensions is separate to that of savings, but I don't know what would happen in the scenario that a single company providing both went bust.

dunstonh

Hugs74 said:

I have 85k ISA and 85k pension with the same bank.. am I best moving one to a different bank so if it did go bust I’m covered with 2 different banks or are pensions treated differently if a bank goes bust?

You don't have a pension with the bank.

The pension will be with a life and pensions company which is different to the retail bank company.   A shared logo does not make them the same entity.

If you are using pension funds rather than unit trust/OEICs/ETFs in your pension, then you have 100% FSCS protection with the insurer.