Did you know that more than 60% of 20-40 year olds say they’re not on track with their retirement savings?1 That’s according to a recent survey we launched to help us understand what young adults expect from their retirement and the steps they’re taking to plan for life after work.  

Wouldn’t it be great to have peace of mind that you’re on track for the retirement you want?

With a Moneybox Pension, it’s easy to start saving for the future today. You can find and combine your old pensions with help from our Pension Detectives and Provider Search Tool, invest your money in diversified funds managed by leading firms like Blackrock and Fidelity and track the performance of your investments, all within the Moneybox app. 

The Moneybox Personal Pension also allows you to save in a way that suits you, giving you the control and flexibility to choose how much you want to contribute to your pension and when you want to save.

 

As with all investing, the value of your pension can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and is subject to change. Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to 57 in 2028). If you’re planning to transfer your pension, it’s important to compare the charges and benefits between Moneybox and your old provider, and whether the risk and reward profile of the investments we offer matches your needs. 

 

Add £50 to your pension, get £50 for free!

To kick-start your journey to a more comfortable future, we’re offering you a free £50 top up when you add your first £50 into a Moneybox Pension

Here’s how it works:

  1. Open a Moneybox Personal Pension account.
  2. Fund your pension by at least £50 before 13 October 2021. You can do this by topping up your pension with £50 of contributions (this doesn’t include tax relief) before the collection at 12:00 pm on 13 October 2021, or by requesting to transfer an old pension worth at least £50.
  3. Once the Contributions or Transfers in your account breakdown have reached at least £50, we’ll pay £40 into your Personal Pension account within 60 days, with the remaining £10 arriving as tax relief later. 

You’ll need to have completed the contribution declaration (available by the Add Money journey for your Personal Pension) to receive your reward. There’s no need to contribute to your pension through this process unless you’d like to.

 

Important to know

Moneybox cannot accept a transfer from a pension your employer is currently paying into or a pension that comes with guaranteed benefits. If you’re not sure whether the Moneybox Pension is right for you, a suitably qualified financial adviser can help you decide. Pension & Tax Rules apply and are subject to change. Moneybox Personal Pension T&Cs apply.

 

1 Survey of 2,008 UK adults aged between 20 – 40, undertaken by Opinium Ltd between 26 Aug 2021-28 Aug 2021 on behalf of Moneybox, the saving and investing app.

 

FAQs

Is this offer open to everyone?

This offer is available to customers new to Moneybox as of 10 September 2021 and anyone who has received an invitation to the offer directly from us by email. If you have not received an email directly from us and you were a Moneybox customer before 10 September 2021, you are not eligible.

What’s the deadline for contributing money to my pension?

To make our last Wednesday collection before the offer closes, you’ll need to set aside any money you want to add to your pension no later than 12:00pm on 13 October 2021. 

Does my pension transfer need to close before the offer deadline?

You just need to request to start your transfer in the app by 13 October 2021 and add your policy number (either in the app or on a form we send to you) before the deadline closes. 

When will my £50 reward be paid?

We’ll pay your reward into your pension no later than 60 days after the Total Contributions in your app breakdown have reached a minimum of £50. The reward will be made up of a £40 contribution from Moneybox and £10 in pension tax relief, which we’ll claim on your behalf. 

Can I make up the £50 with contributions and transfers?

This offer is available for adding funds to your pension via either mechanism, but you’ll need to choose one or the other.

How do I complete the contribution declaration?

The first time you tap to Add money to your pension or set up a regular deposit, we’ll ask you to provide a few additional personal details and to agree to our contribution declaration. You only need to do this once, and you don’t need to contribute anything to your pension to complete this process.

 

If you have any further questions, please feel free to get in touch with our Customer Support team via the in-app chat.

 

Terms and Conditions 

Eligibility

  1. The Moneybox Pension Awareness Offer (the “Offer”) is available to existing Digital Moneybox Limited (“Moneybox”) customers who have been contacted directly by Moneybox by email informing them of this promotion and to new Moneybox customers from 00:00 BST on 13 September 2021. The Offer may not be used in conjunction with any other Moneybox offer.
  2. The Offer is available from 00:00 BST on 13 September 2021 to 23:59 BST on 13 October 2021 (the “Offer Window”).
  3. To be eligible for the Offer you must have:
    1. during the Offer Window either open a new Moneybox Personal Pension or have an existing open Moneybox Personal Pension that has a zero balance that has neither previously been contributed to nor transferred into; 
    2. completed the contribution declaration for your Moneybox Personal Pension and provided additional personal information required to Add money into your pension; and  
    3. during the Offer Window either:
      1. have one or more Qualifying Pension Transfers (as defined below) started and In Progress (as defined below); or 
      2. have completed a payment into their Moneybox Personal Pension of £50, which for the avoidance of doubt will need to be collected into the Moneybox Personal Pension by no later than 12:00 BST on 13 October 2021 and excludes any Moneybox contributions or pension tax relief.
  4. A “Qualifying Pension Transfer” means a UK registered pension that:
    1. has a minimum value of £50;
    2. does not have guaranteed benefits associated with it that cannot be provided by the Moneybox Pension, as set out in Section 3 of our general Terms and Conditions; and
  5. A pension transfer that isIn Progressis one in which we have received a transfer request during the Offer Window where the current pension provider (“Current Provider”) has been selected and correct policy information has been supplied. This will show as “Transfer in progress” in the Moneybox Personal Pension account in the Moneybox App. If your pension transfer request cannot be processed by your Current Provider electronically, to qualify for the Offer we must have received your transfer request form complete with policy information before the Offer Window deadline. 
  6. To be eligible for a Moneybox Contribution into your Moneybox Personal Pension you must:
    1. be resident in the United Kingdom for tax purposes; 
    2. have completed the contribution declaration before the Moneybox Contribution can be paid; and
    3. not be an employee, officer or director of Digital Moneybox Limited or any member of its group, or any member of such person’s immediate family or household.

Reward 

  1. The Offer is for a £50 reward contribution to be paid into your Moneybox Personal Pension, of which £40 is arranged by Moneybox (the “Moneybox Contribution”) and £10 as pension tax relief from HMRC (“Pension Tax Relief”). No cash equivalent is available.
  2. If you satisfy all of the terms, but are not entitled to the pensions tax relief, Moneybox will still only arrange the Moneybox Contribution. You must inform Moneybox within 30 days of receiving the Moneybox Contribution if you are not entitled to the pension tax relief.
  3. The Moneybox Contribution will be paid into your Moneybox Personal Pension within 60 days of completion of the Qualifying Pension Transfer or when the total of your contributions have reached £50, as applicable. This is displayed in the Breakdown for your Moneybox Personal Pension. 
  4. The Pension Tax Relief will usually arrive between seven and 11 weeks after payment of the Moneybox Contribution.
  5. The payments into a pension scheme pursuant to this Offer could result in any protection you have applied for to HMRC against the lifetime allowance being lost. If you fall into this category or believe you do, please contact us to be opted out of the Offer.

Other

  1. If we believe that any customer has not adhered to these terms or has in any way attempted to manipulate the Offer and/or process, we reserve the right to withhold any promotions to that customer.
  2. By participating in the Offer, a customer is deemed to have accepted these terms.
  3. We reserve the right to withdraw this Offer at any time.
  4. Digital Moneybox Limited is the sole arbiter of these rules, our standard terms and conditions (including those set out in our Terms & Conditions, product Key Features Documents) remain in force and are not affected in any way by this Offer.