It’s all about keeping your pension safe. 🔐
Since the introduction of the Pension Schemes Act 2021, all pension providers are required to carry out active checks on all transfers to help protect members from scams.
When you transfer a pension into Penny, your old provider may need to check a few details first. This is called transfer due diligence.
Some providers can complete transfers without a form if the checks are straightforward. Others may ask you to complete a due diligence form to verify details, such as your connection to the receiving scheme or to rule out scam risks (e.g., unregulated investments).📝
Does Penny do this when transferring away from us?
Pension scams are sadly still common. The government and regulators ask all providers, including Penny, to check certain transfers more closely. Most of the time, we won’t require anything from you; if we do, we’ll let you know via the app. 📱
Need help?
If you need information about your Penny Pension when completing a form but don’t know it, you can always send us a message on live chat or check the documents in the documents section of your settings page. 💬📄