Existing PensionBee customers are now able to see their live pension balance within the money app Yolt, signalling a new era of transparency and empowerment for UK pension savers.
Yolt, the smart thinking money app with more than 300,000 registered UK users, is the first personal finance app to show your live pension balance alongside other financial accounts such as your bank account, credit card and ISA accounts.
This announcement comes as it continues its vision to become the only money app consumers need on their phone. The PensionBee integration comes alongside the money app’s plans to expand its partner platforms across three key sectors: utilities & bills, financial products and leisure & experience.
Clare Reilly, Head of Corporate Development, PensionBee said:
“The Yolt-PensionBee integration is a game-changer for UK pension savers, who have sadly been left languishing in the 20th century for far too long. Today’s announcement firmly establishes pensions as part of the Open Banking revolution; a pension balance should be on a smartphone - and not in a drawer! Logging into Yolt to manage your entire financial universe is the future that pension savers have been waiting for.”
The integration comes off the back of speculation that the Department of Work and Pensions may abandon the Pensions Dashboard, a project that would allow savers to see all their pensions in one place. PensionBee is offering a full integration for users through its Open Banking API and is currently integrating its product with other banks and money apps.
Ms Reilly continues: “While this agreement with Yolt offers a full integration for existing PensionBee customers only, we hope it encourages other pension providers to move from paper statements by post to full digital integrations and APIs. As we recently showed in our annual Robin Hood Index, some providers have a long way to go in this area, but we’re happy to lead by example.”
Frank Jan Risseeuw, CEO of Yolt, added: “Our vision is to simplify your finances by building Yolt to be the only money app you need on your phone, so this integration with PensionBee is the natural next step for us on this journey. We want to give our users a holistic look at their finances and enabling them to see the value of their pension pot - anywhere and at any time - is a key part of this.”