You might know about the £85,000 limit for compensation on savings deposits, if a bank, building society or credit union goes bust. The Financial Services Compensation Scheme (FSCS) also protects pensions. Specifically, the FSCS covers pensions and annuities, which are defined as “long term insurance contracts” to 100 per cent of the claim, with no upper limit. The holdings in the PensionBee Personal Pension are structured as long-term insurance contracts and therefore benefit from this protection status should something happen to one of the money managers.