What Happens When Pensions Go Bust! | Pension System Collapse UK
Channel: Financial Madness
Date: 2022-10-16

Pension System Collapse UK | What happens to your Pension?| How to Protect Pensions?

Following the government's failed preparation to manage expectations before the reveal of their not-so-mini budget last month, the consequences on the economy have been mostly negative. 
As a high-level overview, the value of the pound crashed to its lowest-ever value against the dollar,  the Bank of England decided to make a U-Turn on ceasing their Quantitative Easing measure and committed to buying these things called "long-term bonds" for a two-week period, with fears that if they didn't do this, it would have resulted in the insolvency of several Pension Funds, which most likely would have had a knock-on effect causing another financial crash. 
It should be no surprise that Kwasi Kwartang lost his job and became the second shortest-running Chancellor of the Exchequer, only to be beaten by someone who passed away on the job. 

What would happen if Pensions Providers did collapse? What happens to your pension fund if pensions went bust?
In this video, we understand the Protections available to those on Defined Contributions Schemes and Defined Benefits Pensions


Chapter Information (Pension System Collapse UK | What happens to your Pension?| How to Protect Pension ):
0:00 Introduction
1:17 How safe is your Pension?
1:48 Defined Contribution Pensions
5:16 Defined Benefit Pensions
7:25 Previous Pension Collapses
8:58 Mini Budget Catastrophe
9:48 How to Protect Our Retirement?


🔹 FSCS (Financial Services Compensation Scheme): https://www.fscs.org.uk/what-we-cover/

🔹FSCS Annual Report: https://www.fscs.org.uk/globalassets/annual-reports-and-class-statements/arac-2122/fscs-class-statements-2021-22-acc-final.pdf

🔹 PPF (The Pension Protection Fund): https://www.gov.uk/government/organisations/pension-protection-fund

🔹BHS Pension Bailout: https://www.reuters.com/article/us-britain-retail-bhs-pensions-idUSKBN1KX0ESr

🔹Carillion and PPF: https://axis-finance.com/the-collapse-of-carillion/

DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice. 
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.

#pension #recession #liztruss