PensionsSep 16 2020

Moneybox launches pension tracking service

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Moneybox launches pension tracking service

Moneybox, a mobile investing app, has launched a “pension detective” service to help savers find their missing pension pots.

The service asks savers to share details about their previous employer through the firm’s provider search tool.

A team of pension detectives then tracks down the old provider in order to unite the saver with their lost or forgotten pension pots.

The tool is free to use, and there is no requirement on savers to make a pension switch following a search. 

According to Moneybox, during the original trial of the service it helped savers track down more than £900,000 of stranded pots.

To mark this year’s Pension Awareness Day (September 15) the pension tracking service will be available on the Moneybox website for one month before remaining available for Moneybox customers in the app. 

Fiona Elston, retirement product manager at Moneybox, said: “We’re on a mission to change pensions for the better, so we’re really excited to finally launch our Pension Detective service, complete with a pension provider search tool. 

“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.”

Earlier this year (May 6), research from the Association of British insurers (ABI) found there were about 1.6m pension pots worth £19.4bn which went unclaimed due to savers failing to contact their pension provider when they move house.

The government predicts there could be as many as 50m dormant and lost pensions by 2050.

In 2017 more than 375,000 attempts were made to contact customers, leading to £1bn in assets being reunited with them.

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