Jessica O'ConnorMoneyfarm, the pan-European digital wealth manager, has launched a new Find, Check and Transfer (FCT) service.
The new service aims to allow both new and existing Moneyfarm clients to set up FCT requests to locate their lost or old pension schemes, providing a crucial tool for financial planning and security.
The significance of this launch follows concerning figures from the Pensions Policy Institute (PPI) which showed that in 2022, an astonishing £26.6bn in lost pensions were recorded across the UK, up from £19.4bn in 2018.
This impacts approximately 2.8 million Brits, with each lost pot averaging around £9,500.
Notably, among those aged 55 to 75, the average lost pot is £16,004.
The service enables investors to make their money work harder by finding lost pensions and consolidating them into one new personalised plan.
As a result, clients will be able to easily determine their total savings, providing them with a clearer picture of whether they’re on track to meet their financial goals.
By consolidating assets onto one platform, clients ensure their portfolio is aligned with their investment needs and objectives, as well as gain greater clarity on fees with an all-inclusive and streamlined account.
As part of the service, pensions transferred will be checked for any benefits that may be lost such as guaranteed tax-free cash or penalties that may be incurred before the transfer is made.
The team of dedicated Moneyfarm consultants then curate an expertly built, fully managed, ready-to-go portfolio, or for a simpler, lower cost approach they can choose a fixed allocation portfolio.
The investments can be personalised with different investing strategies, such as ESG Investing, to suit the preferences of the investor.
Giovanni Daprà, the founder and CEO of Moneyfarm, said: “At Moneyfarm, our purpose is to make finance simple and accessible.
“Staying on top of pensions has never been more crucial, and one of the simplest and most efficient strategies is to consolidate old pensions into a single, personalised plan.
“The launch of the Find, Check and Transfer Service marks a significant milestone in Moneyfarm’s journey.
“It showcases not only the integration of Profile Pensions’ capabilities but also the synergies between Moneyfarm and Profile Pensions following our acquisition of them over a year ago.
“This achievement is a testament to the hard work and dedication of our entire team, demonstrating how we continue to grow and innovate within the industry.”
Stephen Mark Jones, product manager at Moneyfarm, said: “We are incredibly proud to launch the Find, Check and Transfer Service for our UK clients.
“This tool simplifies the admin-heavy task of helping individuals reconnect with their lost pension pots, ensuring they can make informed decisions about their retirement planning.
“Despite the substantial sums at stake, only 4% of people instinctively inform their pension provider when they change address, compared to 66% who notify their bank and 89% who update their GP or dentist.
“These figures underscore the systemic issues within the UK pension market, highlighting our mission to help individuals reclaim their pensions and plan their financial futures effectively.
“This launch exemplifies our commitment to enhancing our service offerings and underscores the collaborative success following our acquisition of Profile Pensions.”
