Pension savers are being warned about the potential risks of losing money or making a mistake they cannot undo if they rely solely on artificial intelligence (AI) to answer their financial questions.
Research conducted by PensionBee found that one in ten answers given by AI to be potentially harmful. The findings revealed particular issues around questions about significant life events and those where the user's location was unclear.
UK-first test of AI chatbots
The test - the first of its kind in the UK - asked 45 questions across nine pension topics to Copilot, ChatGPT, Gemini and Claude. It was carried out according to a strict methodology to minimise bias, with human testers using fresh, free-tier accounts, and two experts scoring each answer for accuracy and potential harm.
The online personal pension provider said that while AI can be a "great tool", some answers could leave out details or miss relevant context that may be crucial.
Expert warning on incomplete answers
Becky O'Connor, head of pensions at PensionBee, said: "An answer can contain correct information and still leave you with the wrong impression because something important is missing. This is one of the biggest risks with using AI for financial questions."
She added: "Consumers need to look beyond whether an answer sounds right and check whether it gives them the full picture before acting. AI can be a great tool when used alongside trusted sources such as MoneyHelper, gov.uk, HMRC or your pension provider."
Vulnerable circumstances and safety tips
Ms O'Connor also cautioned that AI may not always recognise that the person asking the question may be in vulnerable circumstances. "Someone in a genuinely difficult financial situation may turn to an AI chatbot because they don't want or can't afford to pay for advice," she said. "That's exactly when recognising the wider circumstances matters most."
PensionBee suggested that people should understand when using AI that a clear, confident answer may still be incomplete or wrong. It also suggested UK users make their location clear and include relevant details about their circumstances, such as their age, pension type or whether they are going through a major life event.
People should also keep personal details, such as passwords and account numbers, to themselves, it said. It also suggested asking neutral questions, checking the sources used and verifying important information, such as tax, deadlines and withdrawals, before acting. PensionBee suggested that people also speak to organisations such as their pension provider, MoneyHelper or Citizens Advice.
