Saving and investing app Moneybox today announced the launch of its Personal Pension following the success of a beta trial with existing customers.
A staggering 100,000 signed up to the pensions waiting list since it opened in April 2019, demonstrating a real appetite for change in the industry.
From today the pension will be available to all new and existing customers, as part of the company’s mission to help everyone save and invest for the future. The Moneybox Personal Pension lets you consolidate your old workplace pensions into a SIPP in the app, track your progress, and take control of your financial future - all from your mobile phone. In addition to launching the product to the public, the service also includes a brand new option for customers to add contributions to their pension through a few simple taps, as well as the Moneybox trademark round up feature. This means you can now round up your weekly coffees and tube rides directly into your pension.
The Moneybox Pension has been available in beta for a small pool of existing customers since last year, and the team has worked closely with this engaged community to develop a product that's really simple to use and designed for the way people live today.
Despite being the single largest financial asset a lot of people will ever have, many lack basic information about their pensions. Research conducted by Moneybox last year highlighted that not only do 60% of millennials not know how to access their old pension pots, 87% don’t even know what their money is being invested in, and 89% do not know what fees are being charged. With the average person now having 11 jobs during their career, it's more important than ever for people to have access to their old pensions, understand what they have, what they're paying, and what they are on track for in later life.
Moneybox customers have also shown a demand to have a positive impact with their money, with 20% of the pensions beta group opting to invest in the Socially Responsible fund offered by Moneybox. The fund tracks the MSCI World ESG Leaders Index and invests in a range of global companies.
Ben Stanway, Moneybox Co-Founder, commented: “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. So far we’ve helped thousands of customers consolidate millions of pounds, and we can’t wait to help many more people take control of their financial future.”
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. We are on a mission to change this. 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.”