Short answer: yes, this is real. Chest is a real pension, holding real money, run with regulated, established partners.
The fact that you're testing an early version of the app doesn't change any of that - the app is in beta, but the pension behind it is the real thing.
We know trusting an app with your pension is a big deal, especially an early one. So here's exactly how it works, who's involved, and what protects your money.
This is a real pension, with real money
When you set up your Self-Invested Personal Pension in Chest and your cashback (or your own contributions) goes in, it's invested in a real pension in your name. It's not a demo, a points system, or play money. That's the whole point of the beta — we want you testing the actual product, not a mock-up.
Because it's a real pension, it works like one: it's a long-term savings product, the value can go up and down with investment performance, and it's designed for retirement rather than instant access. Setting it up is a genuine financial decision, and it's completely reasonable to want to understand it fully first — which is exactly what this page is for.
Who's actually looking after your money
Your Chest pension isn't run by one company on its own. It's supported by a chain of regulated, established partners, each with a specific job:
- Chest is the app - where you manage your pension, earn cashback, and set saving rules. Chest Group Limited is an Appointed Representative of RiskSave Technologies Ltd.
- RiskSave Technologies is our principal firm, authorised and regulated by the Financial Conduct Authority (FRN 775330). Chest operates under RiskSave's regulatory permissions.
- Quai Digital is the SIPP administrator and custodian - they administer your pension and hold your assets securely, kept separate from Chest's own business. Your money belongs to you, not us.
- L&G (Legal & General) is the fund manager - your contributions are invested in L&G funds. They're one of the UK's largest investment managers, looking after around £1.1 trillion.
- Griffin Bank provides the underlying banking infrastructure for payments.
- GoCardless handles payments and open banking connections - FCA-authorised, using bank-level security.
What protects your pension
- It's held by a regulated custodian, not by Chest. Your pension is held securely by Quai Digital, authorised and regulated by the FCA. Your assets are kept separate from Chest's funds and can't be touched if our business were to fail.
- FSCS protection. In the unlikely event the custodian failed and your assets couldn't be fully recovered, you may be eligible for compensation up to £85,000 through the Financial Services Compensation Scheme. (The FSCS doesn't cover losses from normal investment performance - that's true of any pension.)
- If Chest ever stopped operating, your pension doesn't disappear. Your investments remain yours - they stay where they are, or can be moved to another provider.
Your bank data and payments
All connections between Chest and your bank go through open banking — a secure, FCA-regulated framework. Your bank login details are never shared with or stored by Chest. We can only see account information you've given us permission to see, and we can only make payments you've authorised. We can't move money without your consent, and we never see your banking credentials.