Finance Breaking news Moneybox launches "Pension Detective" service to help people track down old pension pots last financial news
Breaking-Finance.Com - Saving and investing app Moneybox today launches a “Pension Detective” service supported by a Provider Search tool after a successful beta trial.
Breaking-Finance.Com - The tool helps people track down their previous pension providers, aided by a team of pension detectives. To mark Pension Awareness Day 2020, it will be available on the Moneybox website for one month before remaining available for Moneybox customers in the app. Despite being the single largest financial assets a lot of people will ever have, many lack basic information about their pensions. Research conducted by Moneybox last year highlighted that not only do 60% of millennials not know how to access their old pension pots, 87% don’t even know what their money is being invested in, and 89% do not know what fees are being charged. With the average person now having 11 jobs during their career, it's more important than ever for people to have access to their old pensions, understand what they have, what they're paying, and what they are on track for in later life. With the Provider Search tool, Moneybox wants to make it easier than ever to locate stranded pension pots, and encourage people to get on top of their retirement savings. After a successful trial for customers in beta, Moneybox has built a team of pension detectives to help people track down their old pension providers by simply sharing a few details about their previous employer. The tool is free to use, and there is no requirement to make a pension transfer following a provider search. During the beta trial Moneybox Pension Detectives have helped people track down over £900,000 of stranded pots. To mark the occasion of Pension Awareness Day, and encourage as many people as possible to take action on their pensions, Moneybox is offering anyone who uses the tool the opportunity to take part in a £1,000 prize draw.* Following a successful campaign last year, Moneybox is also relaunching its “Reward Share” scheme for pension customers to bring more of its community closer to its growth journey.
. Last year’s scheme was widely popular and saw around 4,400 Moneybox pension customers become shareholders, and subsequently benefiting from an increased valuation of the company following its recent fundraising.* Moneybox officially launched its Personal Pension earlier this year after a staggering 100,000 people signed up for the waiting list during the beta trial. The Moneybox Personal Pension lets you consolidate your old workplace pensions into a SIPP in the app, track your progress, and take control of your financial future - all from your mobile phone. Customers can set up weekly contributions to their pension through a few simple taps, or opt for the Moneybox trademark round up feature. Customers can choose from three simple investment options, including a Socially Responsible fund for customers who want to put their assets to work in a way that’s more aligned with their values. Fiona Elston, Retirement Product Manager at Moneybox added: “We’re on a mission to change pensions for the better, so we’re really excited to finally launch our Pension Detective Service, complete with a Pension Provider Search tool. Tracking down old pension pots can be a tedious process as documents get lost, or you forget to update your address with your pension provider when you move and lose track over time. But with an estimated £19.4bn* of “lost” pots, tracking down your stranded workplace is one of the simplest steps you can take to get control of your retirement savings. With our Provider Search tool, you share a few details about your previous employer, and our pension detectives will get to work to track down your old provider for you. We can’t wait to help even more people reunite with their old pension pots and take action on their retirement savings!”
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