[Beta] Penny 💰 Feedback & Discussion

Hey guys :v:

I’m the Co-founder of Penny (and fellow Freetrader!): https://www.checkpenny.com/

Penny automatically finds all your pensions from old jobs - takes 60 secs :zap:

In the future, we’d love to integrate Freetrade to help their customers find their lost pensions.

Not trying to sell/promote - just wanna hear your feedback/thoughts.

Cheers guys :raised_hands:


The guys at PensionBee… :eyes::eyes::eyes:


Edited my original post

Hello… I’ve just given it a whirl

Before I even started, 2 of the three pension examples it gave me were pretty much the exact amounts I hold in pensions with previous employers - this was BEFORE it has even asked me my name (I don’t have my real name on Facebook, so is this purely a coincidence?)

It’s now asking me for my name, DOB, NI number etc… I’m not sure how safe it is for me to be telling a random chat bot all that info, so I probably won’t proceed any further without some reassurance.


Hey :+1:
Wow - what an edge case! Yes, as you’d suggested - those pensions are shown at the beginning as an example, so that is an absolute and unbelievable coincidence! :astonished::sweat_smile:
Good discovery though! (fake companies!)


That is an outrageous coincidence, as the two values are literally within a couple of hundred pounds of the actual amounts in there :rofl:

So on a serious note, what else is Penny going to need after my NI Number?

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Nothing else. Pension scheme providers require name, dob, and NI to locate your pension :white_check_mark:. The employer name(s) allows the bot to identify the schemes it should reach out to.


Ok, will give it a go and provide some more feedback :+1:t2:

I’ve just quickly browsed the site and I’ve got feedback I’d like to share with you.

  1. First thing that came to my mind when using this product is, who is this product for? If you’re searching for your pensions then it’s likely you’re a baby boomer or Generation-X demographic. Whereas, in contrast with your brand, website and tone of voice used, it feels like you’re going for a younger target audience, like the millennial and Generation-Z demographic. There’s an abundance of emojis, cheeky banter, which I love by the way, but I feel like none of those would appeal to the type of people that would use this product.

  2. In addition, trust is a big one with an application like this. How will people know to trust your product? I was very hesitant to enter my personal information because I just didn’t feel like I could trust the product. However, I easily entered my personal information with Freetrade without thinking twice about it. So, trust, and how do you go about establishing it and making your product/company seem trustworthy?

  3. Another minor thing that caught my eye is that in the chat bot it said “Your data is 256-encrypted and secure”. Well in the tech world, you wouldn’t say “256-encrypted” because it isn’t proper technical terminology. The correct terminology is “256-bit”, so the chat message should of said
    Your data is kept secure using 256-bit encryption”.
    Also, another question is, what exactly are you securing? What’s the need for the 256-bit encryption? How is my data kept safe exactly? Making a section on security on your website would be good.

  4. I actually liked the idea of the app being a chatbot, I think using a chatbot makes it feel like an instant “app”. However, I feel like in the future it might also be nice to add an interactive form on your website where people can find the information. One thing I noticed from a UX perspective on the chatbot was that I just wanted to quickly find my pensions, so I would of preferred to quickly fill out a form and find out the information, rather than converse with a chatbot.

I feel like the language doesn’t suit your product, maybe just keep it as “How does it work?”

  1. When I saw this product the first thing that came to my mind was “How do they make money?”.
    Well, I wanted to make a suggestion that you can perhaps in the future make partnerships with investment platforms and other fintechs. For example, with for other Fintech’s with SIPP, they could all implement a feature that allows their users to find out how much they have in their pensions, and they could use your product’s API to retrieve that information and you charge them for it. So, your CheckPenny is also a Software-as-a-Service (SaaS) product that is B2B.

Overall I really like the app, the concept and how easily accessible it it. I tried to use a similar product but I couldn’t be bothered to sign up just to find my missing pensions, so I like how you don’t have to do that with yours. In my opinion I think this is an amazing product that I’m sure many would find useful.


Thanks for the feedback @SecureHttp :pray::pray:

  1. Yep, we’re targeting the 25-40yo demographic. We think that auto-enrolment has created a generation of young pension savers, so there is a new market of “interested in pensions” customers that is currently being overlooked.

  2. Trust is important - we’re looking to be FCA-reg’d soon.

  3. Got it!

  4. We were basically inspired by Cleo/Plum. In their early days they were chatbots, and grew super fast. People in general don’t care about pensions, so we need onboatding to be suuuper smooth. An app is probably too much to ask, even though it feels safer, so we’ve done a chatbot.

  5. Yep, we could tone that down.

  6. Thanks for suggesting b2b. As a lot of fintechs (FT included) are launching SIPPs, there is defo an opportunity to be integrate with them.


Finally just had a proper look. Agree with above comments. See value in the simplicity and speed, however.
Keen to see results :sunglasses:

Thanks Jay :pray:

There’s £20bn in lost pensions (£700 per UK adult :scream:)

We want to find that money and give it back to the rightful owners.

:rofl: Who are all these millennials with MULTIPLE pension pots!?

To be fair, this seems like a good product and I don’t doubt your numbers but to me, in my circumstances with my social circle, the whole idea of having even a single private pension (especially anything substantial beyond the ‘recently’ introduced workplace pensions) is mind blowing.

Again, I don’t doubt your numbers and there’s clearly a market out there for the service but it does make me thing that either I’m mixing in the wrong circles or I (in my mid 30s) have just been doing capitalism wrong! Good on them though and good on Penny for creating this product :slight_smile:

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@CashCow Yep, v few millennials have private pensions.

But to clarify, Penny is designed for finding workplace pensions

Since auto-enrolment, workplace pensions are now v common.

And when you leave a job, you might forget all about your pension :scream:

Cheers for the feedback :pray::pray:


Ah! Sorry, that was lost on me from the wording of your original post. In my defence I’ve been self employed since the year that the workplace pension legislation came in so I’ve never benefitted from them.

I still think this is a good product and it doesn’t even seem exploitative like that “loans for rental deposits” company that self posted on here a while ago!


This is dope :clap:

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Thanks :love_you_gesture:

No problem, good luck with CheckPenny :raised_hands:t5:

Like the concept.

I found three negatives personally:

Needs facebook messenger to work. I don’t want to use FBM on my personal device.

There is no detail on whats in it for you, which is concerning - there must be something, to make it worthwhile?

Automatically gathering found pensions into a pension pot I havent chosen, managed by HSBC, with unknown costs?

Otherwise, it looks snappy, good concept, but I wouldn’t progress with it as it stands.

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I like you. I won’t let the Facebook app near any of my devices. For work I have to use Facebook so I use Firefox as my browser because it automatically quarantines any FB tabs you have open.

If you’re on Android then Friendly is a good non-official FB app that has messenger functionality. That said, whilst I’m also against FB and all its products, I can understand why the developers of this service have chosen to use it.


Which database do you plug into? The official pension tracing service doesn’t ask any of the details you do and you can only start a search for an old pension pot using the name of the employer or the pension scheme. You cannot even start a search if you don’t have those details.

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