Moneybox finally launches pensions, a year after first teasing it, with 100,000 waitlist

Saving and investing app Moneybox today announced the launch of its Personal Pension.

Moneybox first teased the launch back in January 2019 and launched a beta trial with existing customers in April 2019.

The beta test saw over 100,000 sign up to the pension waiting list, Moneybox has just over 400,000 customers. 

Moneybox’s pension lets customers consolidate their old workplace pensions into a self-invested personal pension (SIPP) and track and control progress all in the Moneybox app.

Following the launch of the pension plan, Moneybox also plan to release a feature that allows customers to contribute directly to their pension and round up transactions into their pension pot.

According to Moneybox, 20 per cent of those in the beta testing group opted to invest in the Socially Responsible fund.

Ben Stanway,Moneybox co-founder, said: “The overwhelming level of interest we’ve seen so far in our pensions service demonstrates a real appetite for change in an industry that has been difficult and confusing for customers for too long.” 

“It has been fantastic to work with our beta customers to create a product that suits their needs and is fit for modern life.”

Fiona Elston, Retirement Product Manager at Moneybox, added: “The old and established pension providers are failing younger generations. Even the basics like seeing how much money you’ve got and where it’s invested are really hard.” 

“From today, Moneybox customers can easily consolidate their pensions, add money in a way that suits them and track their progress, all from the palm of their hand.”

Research conducted by Moneybox last year found that 60 per cent of millennials don’t know how to access their old pension pots.