Technology to manage pension 'like bank account’ launched

Technology to manage pension 'like bank account’ launched

Pension switching platform PensionBee has teamed up with a bank to allow savers to manage their pension "like a bank account".

As part of a deal with Starling Bank, the platform will be integrated into the bank's app, allowing savers to see their live pension alongside their current account balance. 

Users will see their pension balance but will not be able to make any contributions yet, although new functions allowing them to switch plans and make contributions will be rolled out further down the line.

PensionBee said the agreement signalled a "new era of transparency and empowerment" for UK pension savers.

Clare Reilly, head of corporate development at PensionBee, said: "Starling Bank and PensionBee share a common vision - that everyone should be in complete control of their money. That means instant access to information about transactions, balances, and investment growth on your favourite device, 24/7.

"Our exciting new partnership means, for the first time ever in the UK, customers can see their real-time pension balance, alongside their real-time current account balance. That’s real-time customer empowerment, and a big step towards linking the small financial decisions you make daily, to the retirement income you will have tomorrow - all in one place."

Sterling Bank aims to have 25 partnerships in place by the end of the year. 

It has already has made deals with digital investing service Wealthsimple and mortgage broker Habito, which will become live over the coming weeks.

Starling Bank’s app, called Marketplace, provides customers with access to a range of financial products, including pensions, Isas, insurance and mortgage brokers through their phone.

The firm was approved by the Prudential Regulation Authority and the Financial Conduct Authority in December.

Megan Caywood, its chief platform officer, said: "The expansion of our Marketplace is a huge milestone for Starling as we continue to give our customers control of their money like never before. 

"We are building a banking experience fit for the 21st Century, where the best financial products are available securely in one place."