Your pension security is our priority. Here's how your money is protected.
Multiple layers of protection
Your Chest pension is protected in several ways:
1. Regulated custodian
Your pension is held by a third-party custodian that's authorised and regulated by the Financial Conduct Authority (FCA). Your assets are kept separate from any company's own funds, meaning they can't be touched if a business fails.
2. FSCS protection
The Financial Services Compensation Scheme (FSCS) is a government-backed safety net. If the custodian were to fail and your assets couldn't be fully recovered, you may be eligible for compensation of up to £120,000.
3. Investment security
Your investments are managed by Legal & General Investment Management (LGIM), one of the UK's largest and most experienced investment managers. They manage over £1 trillion in assets. Your investments remain yours – they're just managed by LGIM on your behalf.
4. If Chest fails
If Chest were ever to stop operating, your pension wouldn't disappear. Your savings would stay where they are with the custodian, or could be transferred to another provider. You'd never lose your pension because of something happening to Chest.
What FSCS doesn't cover
It's important to understand that FSCS protection doesn't cover losses due to investment performance. If the stock market falls and your pension value goes down, that's not something you can claim compensation for. That's simply the nature of investing – values can go down as well as up.
Still need help?
If you have questions about the security of your pension, contact us at hello@joinchest.com.