Artificial intelligence (AI) tools are becoming part of everyday life. Many people now use them to explain complex topics, summarise documents or answer financial questions. While AI can be helpful, there are real risks in uploading personal or financial information. It can be risky to upload a benefit statement, payslip, or pension estimate to an AI tool to ask for advice.
The risks of sharing financial information
When you upload documents containing personal details, you may lose control over where that information goes. Criminals can misuse details such as your:
- name
- date of birth
- National Insurance number
- salary
- pension values
Fraudsters can use your valuable personal information for phishing scams or identity theft. Your information can also be used to:
- impersonate you whilst talking to your pension fund
- impersonate your pension fund when they are contacting you
Once information has been shared, it may be difficult or impossible to confirm that it has been deleted and not retained in any form.
AI can be confidently wrong!
AI does not "understand" pension scheme rules or your personal circumstances. AI generates responses based on patterns, not verified facts. This means it can give answers that sound authoritative but are incomplete, out of date or simply incorrect.
Relying on incorrect information could lead to poor financial decisions, such as misunderstanding:
- retirement benefits
- tax implications
- options available to you
Information generated by AI tools is not reviewed or checked by the Fund.
AI answers in search engines
Many search engines now display AI‑generated summaries at the top of results pages. These summaries may combine information from multiple sources and are often not accurate or complete.
You should treat AI prompts as a starting point only, not a trusted source. You should click through to reputable websites and check information directly. Reliable sources typically end in .gov or .org, or are published by recognised regulators, public bodies or schemes. Always verify information before making decisions.
