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Robo-adviser launches pension tracing service

Robo-adviser launches pension tracing service

Robo-adviser Wealthsimple has launched a tool to locate misplaced pension pots.

The company stated its service will allow people to easily find previous pension pots before combining them into a Wealthsimple Pension.

No additional costs are charged, with customers also getting unlimited access to advice from Wealthsimple’s investment advisers. 

The feature has been launched with pension search and transfer service MyFutureNow and is available to Wealthsimple clients through the company's website. 

To use the finder clients will need to provide their surname, previous employer's name and the time they were employed.

Toby Triebel, Wealthsimple’s Europe CEO, said: "Every pound in your pension pot counts towards a comfortable retirement but the reality is a lot of the people in the UK are leaving unclaimed savings on the table with pensions they've forgotten about or can't remember the details for.

"The lost pension finder is a feature we hope will inspire people to rediscover their lost savings and help them work towards securing a stronger future."

Alan Browne, CEO of MyFutureNow, added: "Our aim is simple, to help people take control of their retirement planning. We make it much easier for customers to find and then keep track of their pension savings. This addresses a major issue in the industry."

Lost pensions are a problem in the UK with the Pensions Policy Institute (PPI) last year estimating UK savers have lost track of 1.6m pension pots, which could be worth £19.4bn in unclaimed savings.

Wealthsimple launched in the UK two years ago and previously only provided investment pots such as Isas.

But in October the advice company launched its own self-invested personal pension (Sipp) alongside a service to help savers switch from their existing provider.

The Sipp comes with a fee of 0.7 per cent for pots of less than £100,000 and 0.5 per cent for more than £100,000.

Wealthsimple claims it is the only digital pension in the UK which also provides unlimited access to investment advice from a human adviser at no additional cost.

Jessica List, pension technical manager at Curtis Banks said: "Investors at and approaching retirement are increasingly tech-savvy, and tools like this which can help people track down forgotten pensions and get a full view of their finances are bound to be popular."