By Aisling Finn on Tuesday 15 September 2020
During the beta trial of the new tool, Moneybox was able to track down pension pots worth over £900,000.
Savings and investment app Moneybox has today launched a new tool to help people track down their old pensions.
The ‘Pension Detective’ helps users find previous pensions with a Provider Search tool, aided by a specially dedicated team of pension detectives.
The free-to-use tool has been launched in conjunction with Pension Awareness Day and will be available to people who aren’t yet Moneybox customers for the first month and then will be available purely in the fintech’s app thereafter.
Research conducted by Moneybox early last year found that 60 per cent of millennials don’t know how to access their old pension pots, 87 per cent of young people don’t know what their money is being invested in and 89 per cent don’t know how much they are being charged.
Fiona Elston, retirement product manager at Moneybox, said: “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.”
As well as launching its Pension Detective tool, Moneybox is also reintroducing its ‘Reward Share’ scheme for its pension customers.
The scheme allows customers who transfer a qualifying pension pot into a Moneybox pension to receive shares in the fintech if they do so before 18 December 2020 and complete the share registration process.
Moneybox officially launched its pension back in March 2020, after first teasing the launch in January 2019 and launching a beta trial with existing customers in April 2019, which saw a staggering 100,000 people sign up to its waitlist.