Who are pension schemes regulated by?

The UK’s financial services industry is quite closely regulated. That works to ensure that providers conduct themselves properly with their customers’ interests in mind.

In the UK, pension schemes are regulated by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).

It’s vital to check which regulator applies to your provider, and that any firm you hold money with is fully regulated.

Financial Conduct Authority (FCA)

The FCA is the UK’s main regulator for financial services firms, which includes pension schemes. 

It makes the rules and sets the standards for financial products and services in the UK, and issues guidance to firms. It then monitors firms for compliance with those rules. 

All this aims to ensure that providers behave correctly and treat customers fairly. It also looks to keep healthy competition in UK financial services.

You can check whether a provider is authorised by the FCA by searching the regulator’s Financial Services Register. PensionBee is authorised and regulated by the FCA.

FCA-regulated firms must also pay into the Financial Services Compensation Scheme (FSCS). This scheme offers a safety net in the event that your provider fails and becomes unable to pay out to you. 

There are limits on FSCS protection for some forms of pension. In PensionBee’s case, our scheme is classed as a long-term insurance contract. As a result, if one of our money managers fails, the FSCS could cover up to 100% of your pension with no upper cap.

It’s important to note that the FSCS can only intervene if your provider fails and is unable to pay out to you. It can’t help with investment losses or poor performance - that is, if your pension balance falls due to market conditions. 

The Pensions Regulator (TPR)

Alongside the FCA, workplace pension schemes are also covered by TPR.

This regulator aims to ensure that workplace schemes are correctly run, both by providers and employers. 

As PensionBee isn’t a workplace scheme, it isn’t regulated by TPR.

What other credentials can I check with my pension scheme?

As well as regulation, there are various other credentials you can check that could give you extra confidence in your provider.

Legally required accreditations

As well as regulation, financial firms must meet other legal requirements.

For example, your pension provider should be GDPR-compliant. They must also pay the fee to the Information Commissioner’s Office (ICO), the GDPR regulator.

PensionBee meets these requirements.

Customer reviews and experience

Other customers’ experience of a firm can be useful for seeing what a provider is really like. They can offer real insight into everything, from the ease of using the website and platform to what it's like contacting customer service.

Checking a company’s Google rating or third-party sites such as Trustpilot can be helpful here.

As of May 2026, PensionBee is rated ‘Excellent’ on Trustpilot, with a 4.6/5 rating from more than 13,000 reviews.

Industry awards

Industry awards involve a third party scoring firms on various elements. That might be the quality of their tech offering, customer service, or treatment of employees.

PensionBee has won a range of awards, including:

• Boring Money ‘Best Buy Pension’ for six years running to 2026;
• Boring Money ‘Best App’ for three years running to 2026;
• ‘Pensions Tech of the Year’ at the 2026 UK FinTech Awards; and
• The ‘Internet Crystal Mark’ from the Plain English Campaign for our inclusive and accessible website design.

Recognition for responsible behaviour

Other accreditations worth looking out for are any related to socially responsible behaviour.

Such accolades allow firms to show good governance and transparency. These qualities can give you confidence that the business is well run with its customers at the centre.

PensionBee has been recognised for good social behaviour. In 2022, we were awarded Good With Money’s ‘Good Egg’ accreditation. This is an accolade given to financial providers that are committed to improving outcomes for both consumers and the planet.

Likewise, in 2023, we joined the FTSE4Good. This index lists companies committed to good environmental, social, and governance practices.

What security practices might my provider have in place?

Robust digital security keeps your account secure. Always search what measures any firm you’re looking at using has in place, or contact their customer services and ask.

We've built a range of high-level security practices into PensionBee's website and app to keep customers’ savings secure. That includes things like two-factor authentication and biometric security - that’s face or fingerprint ID for logging in - in the app.

How can I keep my pension secure from fraud or scams?

A firm’s security measures can stop fraudsters from accessing your account from your provider’s side.

However, scammers can still target you individually. For example, they might pose as your provider, trying to get you to hand over key information that allows them to access your account. 

Or they may try to get you to take money out of your pot and send it directly to them. 

To keep yourself safe:

• familiarise yourself with common scams;
• learn the telltale signs of fraud to help you spot it;
• know what to do next if you think you’ve fallen victim to fraudulent activity.

Should I combine my pensions into one pot?

Combining your pensions with a single provider - known as ‘consolidation’ - is a personal decision. 

If you’re thinking about doing so, it’s worth first checking that your chosen provider’s authorised and regulated in the UK.

For more reassurance, you could look at whether it has positive reviews from customers and third-party industry experts and robust security features.

Aside from your provider, there are benefits and drawbacks of combining your pensions to consider, too. The table below shows you some of the main pros and cons to think about:

Pros

Cons

Greater visibility over your retirement savings

There may be exit fees with certain providers

Simpler administration, including contributing, choosing an investment approach, and flexible access (from 55, rising to 57 from 2028)

May not be appropriate for all pension schemes, such as defined benefit pensions

Potential to save on fees

May lose special or safeguarded benefits

Easier to leave a clear inheritance

Potential for fraud - always carefully check any provider before you transfer

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Find out more about these pros and cons on our page about consolidating pensions.

Have more questions about PensionBee?

With a PensionBee pension, you can combine existing pots into a single plan and make contributions that suit you. Then, from age 55 (rising to 57 from 2028), you can access your pot and withdraw flexibly.

We serve more than 315,000 customers, managing £7.5 billion in AUA for them.

If you have specific questions about PensionBee, visit our FAQ page. You can also check out Pensions Explained, where you’ll find out even more detailed information about how pensions work. 

Risk warning

As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

Last edited: 22-05-2026