Is the Penny Pension secure?

May 1, 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.

SOME IMPORTANT THINGS YOU SHOULD KNOW
Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in. Past performance is not necessarily a guide to the future and pension investing is not intended to be a short-term option. Penny does not provide financial advice so please be sure that this investment is right for you.

Your current pension might have special benefits that will be lost if you transfer to Penny. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

Your current provider might charge you a transfer-fee to transfer your pension to Penny. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

You should consider the charges and benefits before transferring your old pensions to your new plan, and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Penny - where this is the case, we recommend that you carefully consider whether to transfer your pension to Penny, as you may be better off not transferring in these cases.

If you are in any doubt about proceeding you should contact a financial adviser.
© Copyright 2024 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.
SOME IMPORTANT THINGS YOU SHOULD KNOW
Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in. Past performance is not necessarily a guide to the future and pension investing is not intended to be a short-term option. Penny does not provide financial advice so please be sure that this investment is right for you.

Your current pension might have special benefits that will be lost if you transfer to Penny. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

Your current provider might charge you a transfer-fee to transfer your pension to Penny. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

You should consider the charges and benefits before transferring your old pensions to your new plan, and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Penny - where this is the case, we recommend that you carefully consider whether to transfer your pension to Penny, as you may be better off not transferring in these cases.

If you are in any doubt about proceeding you should contact a financial adviser.
© Copyright 2024 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.
SOME IMPORTANT THINGS YOU SHOULD KNOW
Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in. Past performance is not necessarily a guide to the future and pension investing is not intended to be a short-term option. Penny does not provide financial advice so please be sure that this investment is right for you.

Your current pension might have special benefits that will be lost if you transfer to Penny. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

Your current provider might charge you a transfer-fee to transfer your pension to Penny. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

You should consider the charges and benefits before transferring your old pensions to your new plan, and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Penny - where this is the case, we recommend that you carefully consider whether to transfer your pension to Penny, as you may be better off not transferring in these cases.

If you are in any doubt about proceeding you should contact a financial adviser.
© Copyright 2024 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.