Artificial Intelligence in Pensions
There’s been a huge rise in the use of Artificial Intelligence (AI) recently, with tools like ChatGPT, Google Gemini, and Meta AI all gaining prominence.
AI can provide quick and efficient access to information, help streamline processes and provide personalised experiences. However, we need to act with extreme caution when it comes to making decisions about our pensions, and you should never put any personal information into the AI tools that you want to keep private.
Pensions can be complex, and with the way AI tools work, it’s likely they’ll often give oversimplified answers to questions.
Financial Advisers must complete extensive training to understand the intricacies of pension schemes and to qualify to become FCA registered so they can give advice. This knowledge isn’t something AI tools are able to replicate, and therefore AI can give inaccurate and even risky recommendations. Also, AI tools do not know your specific personal circumstances, so will often reply with generic information.
Although AI tools continue to improve, currently they are not a suitable substitute for professional, regulated financial advice.
Taking financial advice
If you are looking for financial advice, the Trustee will pay for you to have one round of financial advice from Origen Financial Services (subject to eligibility). While Origen has been appointed by the Trustee, they will provide you with impartial advice based on your personal circumstances. You can find out more in the Retirement options section of the website.
Alternatively, you can also choose to use your own independent financial adviser. You can find a list of registered advisers on the MoneyHelper website or you can check the FCA register.
Staying safe from scams
Unfortunately, criminals are also making use of AI to create more realistic email and online scams. Here are some steps you can take to make sure the information you receive from the GE Healthcare Plan is genuine:
Check the sender’s email information e.g. the email address and phone number.
Fraudulent communications often look similar, but may include small changes (e.g. extra letters or misspellings). Our emails will be sent from GEHealthCare@wtwco.com
Verify the website domain name – make sure the domain name of the website matches our official website.
Often scammers have domains that look like the real one but have subtle differences.
Look for HTTPS at the start of the website address.
HTTPS tells you that an additional encryption/authentication layer was added. This is used at the start of our website. e.g. https://mygehcpension.com
Verify suspicious links by hovering over them.
You can hover over a link to see what website it will take you to. However, if you have any doubts about a link, it’s safer just to go directly to our official website instead.
Look out for our logo and branding.
Our communications will always include our logo and colour schemes – any differences may indicate a scam.
Contact WTW if in doubt.
You can always contact our administrator if you are unsure if a communication is genuine. You can find their contact information on your latest documents, or by visiting our website.
Trust your instincts.
If something doesn’t feel right or seems too good to be true, it probably is. It’s always best to double check before taking any action.
By following these steps, you can remain vigilant when dealing not only with your pension benefits, but also any other online communications you receive. You can find more information about how to spot a scam and keep your pension safe on our website.
Keeping you up to date
As AI is becoming an increasingly popular technology advancement, new laws and regulations are being developed to help keep people safe. We’ll continue to monitor these changes and updates, and keep members informed of anything that affect our communications.