Data protection and AI: Important notice for Fund members
Whilst we’ve tried to make the information on our website as simple and accessible as possible, we appreciate there is a level of complexity with everything surrounding pensions.
You might think it is a good idea to use Artificial Intelligence (AI) tools to help you understand your pension – but we’d like to alert you to some important risks you should consider.
Potential risks of using AI
The possible risks with using an AI tool are that the information it gives you is:
- Misleading, incorrect or confusing
- Not tailored to you, or your circumstances
- Not aligned to the Fund’s rules, regulations, or administrative practices.
If an AI tool gives you misleading information which you rely on and subsequently suffer a loss, it’s very unlikely that you’ll receive any compensation from the AI provider.
We cannot accept any liability for a member’s loss caused because of members’ misuse of AI. We also recommend that you do not rely solely on AI to make decisions in respect of your pension with the Fund.
Another common risk with using public AI tools is that your private and confidential data could be shared accidentally or illegally. For example, uploading a document with your pension details into an AI tool is not recommended. Your sensitive information on that document is put at risk of being accessed if the AI provider is ‘hacked’ in the future. This is another reason why we discourage using AI tools to help understand Fund communications.
Using AI safely
Whilst we strongly advise against using AI tools to understand your pension as explained above, if you do choose to use them, we’d recommend that you:
- Check the sources used to compile any response
- Do not enter your personal data into any Open-sourced AI tools.
Helpful resources and support
If you have any questions about your pension or anything in connection with the Fund, rather than using AI tools, you should:
Both the EAPF and LGPS websites contain a wide range of information on the LGPS which may answer your queries.
If you need help finding an IFA, visit www.moneyhelper.org.uk