Original post by DJKLYou take the hit in a money purchase scheme, whatever is bought is your risk, though there is compensation, I think, if they run away with the money, but that does not happen
Final salary schemes are different, the employer's scheme promises to pay usually 1/60th or 1/80th of your final salary usually index linked for each year of service, if you do become a lecturer I think that will be sort of scheme employer may offer (Civil service, teachers, public servants etc tend to get offered these at present, private sector now very scarce) If they become unfunded there is a scheme but you do take a hit, see recent BHS news.
Do remember that the pension office money purchase funds are pretty spread re where invested so single share risk is tiny, where money does leak is charges (bid offer spread etc)
Sometimes with money purchase compensation can be offered, but that was more re with profit funds (equitable life paid my wife re a small fund she had with them) and whilst WP were popular in the 1980s (My Standard Life started as one) they have since fallen out of favour.
I have said for years all of this ought to be explained at school, plus basic tax, benefits, NI etc, it is a real shame it is not. I was lucky, my father was a solicitor and was financially savvy, so I picked up a lot from him (plus through work), I work with people in their 40s with no pensions, no long term savings, the only thing they own is part of their house, and they somehow think come 65-66-67 it will be alright, it will not, they will be working into their 70s as they will not be able to afford to stop.