The Moneybox Personal Pension puts you in control of your financial future. You’ll be able to bring together your old pension pots, see how much money you have and where it’s going to get you over time, all from the Moneybox app.
Why is Moneybox offering a pension?
Many people have thousands of pounds sitting in old pension pots they barely know anything about.
With every new job you get a new pension. With the average person now having 11 jobs over the course of their career, these old pensions can become really difficult to keep track of. Not to mention paying a staggering £38,000 in total fees to pension providers by the age of 65.
This lack of knowledge can be traced right back to the pensions industry. Pension companies barely engage with their customers and when they do, they send snail mail letters to old addresses, written in financial jargon that hardly anyone understands. Even the basics like checking your account balance and seeing where your money’s invested are made really hard.
How can Moneybox help?
We’ve built a pension that lives on your phone and is designed for the way you live today.
It’s now easier than ever to bring together all your old, stranded pension pots into one place and check your account balance anytime, anywhere. Your Moneybox pension will sit alongside your other savings and investments in the app, putting you in control of your financial future.
How to consolidate your old pension pots
To transfer an old pension we just need two pieces of information:
- The name of your old pension provider
- Your old pension policy number
We know it can be tricky to keep track of old pensions and who they are held with, so if you don’t know these details, here are some ways to track them down.
The Government tracing service asks for the name of your old employer and searches to see who the provider of their workplace pension was/is.
If you’re struggling to find an old policy number, the best course of action would be to search for any old emails or letters from the provider. Failing that, you can usually give them a call to recover this. If you are still unable to find the details, just get in touch with our pensions team via Settings > Help and we’ll be able to help.
Once the above details are confirmed, we can kick off the transfer. For most providers this can be an end to end electronic process taking on average 2-3 weeks. If we do need a signature from you, our team will send a form out to you the next day. Unfortunately, some providers only operate via manual systems, meaning all correspondence must be completed via paper-based mail. This can slow things down but our team is committed to doing everything they can to ensure a speedy transfer process from the Moneybox side.
You can track the progress of your transfer in the Accounts tab.
What can I invest in?
The Moneybox Personal Pension gives you the choice of three investment options:
Fidelity Index World Fund (this is the same equities fund available in the app for a Moneybox ISA, GIA, or Lifetime ISA). This fund diversifies your investments into more than 1,600 companies across 23 countries and aims for long-term growth of your capital.
Old Mutual MSCI World ESG Index Fund. This also invests in a range of global companies but considers environmental, social and governance factors – such as how companies respond to climate change, treat their workers and manage their supply chains.
BlackRock LifePath Fund. A ‘Lifestyle’ fund unique to pensions, which changes the balance of investments as you get closer to your retirement date. When you select this fund you’ll be asked to select the one with a target date that matches when you think you will retire. If you’re unsure of this, we recommend that you speak with an independent advisor.
You will be able to change your investment fund at any time in the Moneybox app.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest.
What are the fees?
For the first £100,000 in your Moneybox Personal Pension, the account fee is 0.45% per year, billed monthly. On balances over £100,000 this comes down to just 0.15%. This fee is calculated daily and charged at the end of each month from the value of your investments.
You’ll also be charged the fund provider fee ranging from 0.12%-0.23%.
- Fidelity Index World Fund: 0.12%
- Old Mutual MSCI World ESG Index Fund: 0.23%
- Blackrock LifePath Fund: 0.21%
You should carefully compare the fees charged on any old pensions with other pensions available.
How can I start a pension transfer?
Head to the Accounts tab and tap on Personal Pension to start your transfer. If you are a new customer, you may see an option to register for the waiting list.