Artificial intelligence (AI) tools like Chat GPT are becoming increasingly popular and are used to research anything and everything both at work and at home.
You may be tempted to use tools like Chat GPT or Google’s Gemini to learn more about your pension or to simplify letters you receive from the Trustee.
While AI has great potential, we would caution against using AI tools for your pension and personal retirement planning, as it poses some serious risks.
- AI results may sound confident but are often wrong or incomplete. Pension Schemes have very specific Rules, which AI struggles to cope with.
- AI tools are not regulated, so basing important financial decisions on the results could lead to costly and irreversible mistakes with your pension.
- Entering personal information such as your date of birth, address, NI number, or other financial information leaves your financial and personal data unprotected. Publicly available AI tools may store or process your data in ways you can’t fully control.
If you need help to understand your pension or retirement choices, use the Scheme Website or Money Helper, the government’s free guidance service.