Penny can't transfer every type of pension. There are some laws, regulations and administrative barriers stopping us from doing this. 🛑
Penny will not transfer the types of pensions below. ⬇️
Your current pension with your current job (this will be displayed in your app once found but not transferred, but do let us know when you move job!)
Pensions you've already started withdrawing money for your retirement from
Public sector pensions (for example with the NHS or Civil Service)
Defined benefit pensions
Special benefit pensions (for example one with tax-free cash amount above the usual 25%)
Pensions with an exit fee (if your current provider charges a fee to transfer)
Pensions that are subject to divorce & bankruptcy proceedings and pension sharing/earmarking.
If there are any specific pensions you know about that you definitely don't want to transfer you can cancel transfers within the app. ❌