Transfers Due Diligence

The following is a list of facts about the Penny Pension Scheme (“Penny”) which may help:

Ceding schemes to satisfy their transfer due diligence obligations under The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021.
Transferring members to complete a due diligence questionnaire, if their ceding pension scheme requires.

What are Penny’s investment options?
Penny’s default investment fund is: HSBC Global Strategy Balanced Portfolio C Acc (ISIN GB00B76WP695). In total, Penny offers 6 investment funds: 5 from HSBC and 1 from Vanguard. The funds can be viewed in the Penny app, or website: https://pennypension.com/funds.

Are Penny’s funds FCA-regulated and UK-registered?
Yes, all six of Penny’s investment funds are FCA-regulated. All five HSBC-managed funds are UK-registered and the Vanguard-managed Fund is Ireland-registered.

Does Penny offer any unorthodox investments?
No. All 6 Penny investment funds are standard multi-asset investment funds, primarily made up of equities, bonds and cash.

What are Penny’s fees?
0.75% per year. This is Penny’s total annual fee. It is made up of a 0.58% Penny fee and a 0.17% HSBC fund fee (default fund). If a customer chooses one of Penny’s non-default funds, the total fee is 0.76-0.79% per year.

Are there any fees to trace or transfer to Penny?
No. This is free.

Who is the scheme Operator/Administrator?
The Penny Pension Scheme is operated and administered by Quai Investment Services Ltd (FRN: 922590). The official FCA page is available here: https://register.fca.org.uk/s/firm?id=0014G00002TrZv1QAF.

Is Penny authorised and regulated by the FCA?
Yes - Penny, a trading name of Penny Technology Limited, is authorised and regulated by the FCA (FRN: 931299). The official FCA page is available here: https://register.fca.org.uk/s/firm?id=0014G00002Wz36EQAR.

What type of pension scheme is the Penny Pension Scheme?
A personal pension scheme.

How does Penny contact customers?
Penny never contacts customers “out of the blue” or makes cold calls. All customers decide to sign up of their own choosing by downloading the official Penny app, available on the Apple and Google app stores. As with many other pension providers, Penny may run online marketing campaigns for brand awareness, or referral marketing campaigns which allow existing customers to refer friends and family. Penny never offers financial incentives, of any kind, for signing up to Penny or referring a friend to Penny.

Does Penny promise or guarantee any specific returns or growth?
No.

Can I access pension funds before age 55 with Penny?
No, except in cases of terminal ill-health inline with regulations.

Does Penny offer financial advice?
No.

Does Penny offer any incentive, offer, free pension review or cash-back to transfer to Penny?
No.

How do our members receive their official documentation?
All documents are provided as a printable PDF copy in the Penny app. This includes: PSIG Scam Smart leaflet, Statements, Wake-up pack, Fund fact sheets, LTA info, Moneyhelper Guidance, Illustration, Fees Guide, Penny T&Cs, Product Provider T&Cs and Policy Key Features Document. We also send physical copies to members upon request.

General Scheme Information
Name of scheme - Penny Pension Scheme
Scheme Address - Penny Pension Scheme, Quai Investment Services, 16 Tesla Court, Innovation Way, Peterborough, PE2 6FL
Type of scheme - Single Trust Defined Contribution Personal Pension
Pension Scheme Tax Reference (PSTR) - 20006619RV
HMRC scheme registration date - 09/09/2022
Trustees - Quai Trustees Ltd
Scheme membership size band - 10,0001-50,000 members
Scheme assets size band - £100m-500m

Penny Pension Policy Information (All Policies)
Withdrawals - Yes, from Age 55
Types available: Flexi-access, UFPLS, Small Pot
Transfer cancellations allowed within 30 days of request
Servicing advisors allowed - No
Exit fees - None
Special benefits (Including PTFC) - None
With profits - None
Policy fees - Please see Fees Guide document in documents section of website
Transfers-in - accepted from eligible schemes
Selected Retirement Age - 66
Employers Linked - None
Funds available - Please see Key Features Document
Death - Return of fund to beneficiary
Initial charges - None
Loyalty bonuses - None
Other bonuses, rebates or discounts - None
Is there a bid-offer spread? - No
Is there a waiver or premium - No

Contact for Transfers Due Diligence queries:
David Henderson
Head of Pensions
Penny Technology Limited (FRN: 931299)
020 3535 0318
compliance@pennypension.com

Transfers out of Penny Pension
Please submit all transfer requests via Origo where possible. Please ensure you make the request to ‘Penny Pension’ using the schemes option on the Origo website. Do not just send to the “Quai Investment” or “Quai Trustees” provider options. The scheme ID is 1149. If you require a Penny Pension Origo submission guide please email us to request this. If your scheme does not use Origo please request transfer forms for your member at transfers@pennypensiontracing.com

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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 2025 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.

SOCIAL

instagram

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.

SOCIAL

instagram

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.