Is the Penny Pension secure?
1 May 2024
When it comes to managing our pensions, security and reliability are paramount. Let's explore how Penny, a modern pension app, measures up in providing a secure environment for your retirement savings.
Regulated and Reviewed
Penny is authorised and regulated by the Financial Conduct Authority (FCA), the UK's financial regulatory body. This means Penny must meet stringent standards for security and operation, and it undergoes regular audits and reviews. When dealing with any financial institution, you should always check that they are correctly regulated.
High-Level Security
Your personal and financial data are critical, and Penny protects this information with bank-grade data encryption. Additionally, Penny respects your privacy and, unlike many financial organisations, does not share your data for marketing or affiliate sales.
Government-Backed Protection
The Financial Services Compensation Scheme (FSCS) protects Penny Pension accounts. If something unexpected happens and the company faces financial difficulties, the FSCS ensures you're covered up to £85,000. This UK government-established scheme acts as a safety net for members.
Trusted Partnerships
Penny has teamed up with HSBC, one of the world’s premier financial institutions, to manage the investment funds available in Penny's pension scheme. This partnership with a globally recognised bank adds an extra layer of trust and expertise to managing your investments.
Positive User Experience
With tens of thousands of users across the UK and an 'Excellent' rating on Trustpilot, Penny's reputation among its users is strong. Customer reviews often highlight the app’s convenience, user-friendly design, and reliable service.
Transparent and Compliant
As an HMRC registered pension scheme, Penny is required to fulfil strict reporting and operating duties. Compliance with these regulations ensures the scheme functions transparently and vigilantly.
Security-first
When considering Penny for your pension management, you are considering an pension product that is not only intuitive and user-friendly but also robustly secure and reliable. Penny's regulation by the FCA, partnership with HSBC, protection by FSCS, and strong customer satisfaction record, all contribute to making it a trustworthy choice for finding, combining and managing your pension savings.
