Switching your investment fund in the Penny app is quick and straightforward. Here’s how to do it:
1. Go to the Settings tab at the bottom right of your home screen
Open the Penny app and tap Settings.
2. On the settings page
In Settings, see the Account tab at the top of the screen
3. Select “Pension fund”
Tap on 'Pension Funds' to view your available options.
4. Swipe to browse
Swipe left or right to view the different funds you can invest in. Here, you’ll see the fund manager's name, risk rating, fund fee, and fund allocation mix (stocks/bonds/cash/other). If you click on a fund name, you can find the fund fact sheet, past performance and geographical allocation.
5. Choose your new fund
When you see the fund you want, you can just tap on its name for more details.
6. Click “Switch fund”
Tap the ‘Switch fund’ button to start the change.
7. Confirm
Tap Continue to confirm your choice.
8. All done
That’s it—your fund switch is complete. This change will be reflected instantly in your account, but it may take multiple working days for the switch to be completed, as your funds need to be disinvested from your current fund and then reinvested into the new one.