The Moneybox Pension puts you in control of your financial future. You’ll be able to bring together your old pension pots, save towards your retirement and see exactly how much money you’ve got and where it’s invested – all within the Moneybox app.
Why does Moneybox offer a pension?
Millions of people have thousands of pounds sitting in old pension pots they barely know they have. It can be hard to know where they are, how much you’ve saved and how it’s being managed – which means it’s difficult to plan ahead.
With the government’s auto-enrolment scheme into workplace pensions, everyone deserves access to a good pension that gives them insight, control, and the best chance of a better financial future.
How can Moneybox help?
We’ve built a pension that lives on your phone and is designed for the digital age. You can easily bring together all your old, stranded pension pots into one central place.
You can also make contributions to your pension directly from the app, set up automatic top-ups, or make one-off payments whenever you choose.
So far, we’ve helped thousands of customers find and combine millions of pounds in old pension pots.
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 and your policy number.
With our Pension Provider Search Tool, all you need to do is enter the name of your employer and we’ll search for a match with one of the providers in our database.
Once the above details are confirmed, we can start your transfer. Transfers typically take 6–12 weeks to complete, depending on your provider.
How can I contribute to my pension?
You’ll be able to contribute to your Moneybox Pension in the following ways: make a one-off payment, set up a monthly contribution, or use our round-up feature to save your spare change.
What can I invest in?
The Moneybox Pension gives you the choice to invest into one of three funds:
Cautious – lower risk, lower potential returns
Balanced – medium risk and return
Adventurous – higher risk, higher potential returns
You will be able to change your investment fund at any time in the app.
What are the fees?
For the first £100,000 in your Moneybox Personal Pension, the platform fee is 0.45% per year. There is no platform fee on any balance over £100,000.
There are additional fees charged directly by the fund providers, which vary by fund. You should carefully compare the fees charged on any old pension before transferring, as they may be lower than those we charge.
Dedicated Pension Transfers & Pension Detectives Team
Our dedicated pensions team is available 9am – 5.30pm Monday to Friday to help you with any questions about your pension or pension transfers.
Made it through all 10 lessons? Congratulations! You’ve officially graduated from the Moneybox Pensions Academy.
Top Pension FAQs
Can I move any type of pension to Moneybox?
We’re able to accept transfers of old workplace pensions (ones you are no longer contributing to), and existing personal pensions. We are unable to accept transfers of defined benefit (final salary) pensions.
If your pension is from another country, it’s likely this also cannot be transferred to Moneybox.
Can my employer pay into my Moneybox Pension?
Unfortunately not. We’re only able to transfer old pensions and accept personal contributions. We’re unable to accept employer contributions at this time.
How much money should I have in my pension?
Fidelity estimates that saving 7x (times) your annual income by the time you retire is a good target for most people.
How much should I expect to pay in fees?
Fees are important because they reduce the performance of your pension. You should carefully compare the fees charged on any old pension before transferring.
How do I access my pension for retirement?
There are a number of ways in which pension benefits can be accessed, including taking a lump sum, buying an annuity, or taking regular income payments. You can normally access your pension from the age of 55 (rising to 57 in 2028).
Moneybox offers the following options: you can access your Moneybox Pension as a lump sum (UFPLS), take a regular income, or buy an annuity.
We do not currently offer drawdown, where you are able to take a flexible income from your pension pot.
Should I consider a personal pension or a Lifetime ISA?
Pensions and Lifetime ISAs can both be used to save for retirement. For most people, a pension is the better option for long-term retirement saving, due to the employer contributions and higher tax relief available.
It’s important to know
As with all investing, the value of your pension can go up and down and you may get back less than you invest. Pensions are a long-term investment and tax rules can change.
We do not currently offer drawdown. When deciding whether to transfer your pension, it’s important to consider the benefits and features of your current scheme, including any guaranteed benefits, before proceeding.
If you’re not sure whether the Moneybox Pension is right for you, please speak to a qualified financial adviser.