Penny Pension

Ive been using them for a while now, never had any issues at all, only issues faced were with the previous pension companies (Scottish widows, Aviva etc) dragging their heels. They provided me all the info I needed plus forms to be filled out and signed. They dealt with my previous pension companies more than I did so they took the chasing off my back for me. Great to deal with.

During the set up process, it asks for fairly simple information, including my previous jobs, but when it then lists the pensions it finds, there are no details, balances or other information. Would be much better if it detailed the pension policy number and the balance on the pension so I can confirm it has found the correct one. Then, it asks you to transfer pensions without knowing any of this information which is very unclear. Even worse, I’ve no idea whether the pension it is transferring into is any better than the one it is coming from. There are no details on the Penny pension scheme at all. How can anyone transfer pensions without knowing what they’re transferring it to?! There is no way of going back, there is no way of knowing how much of the balance will be transferred, so because of this lack of information I just deleted the app. Nice idea, very poorly executed.

Listed out my previous roles for which I have old pensions, deliberately not including my current role; was fully aware these would be transferred which I was prepared for. However within a few seconds of doing this on the app, I received an email from my CURRENT (active) pension provider that someone or some system had attempted to reset my online password for my current online pension account. Why on earth would the app need to do that? They make a clear point of saying they don’t touch any current active pension, but clearly they were trying to here. I immediately closed my Penny account and deleted the app, would strongly advise anyone not to use this service.