Robo advisers make pension market push

By Daniel Lanyon on Wednesday 20 February 2019

Editor's PickSavings and Investment

Digital wealth manager Wealthsimple is increasing its push into the pension market following in the footsteps of the likes of PensionBee and Moneybox with a new feature to aggregate legacy client pensions.

The Canadian firm, which has a European hub in the UK, is introducing a ‘lost’ pension finder to help people locate lost or misplaced pension pots following the launch in October 2018 of its first pension offering. 

Legacy pension pots can now be combined into a Wealthsimple Pension. The new feature is being introduced with pension search and transfer service MyFutureNow and is available to Wealthsimple clients.

Pension aggregation in the UK has been led by PensionBee, a UK fintech that counts Wall Street giant State Street among its investors, but Moneybox, another digital wealth manager also recently announced that it will make a move into the market.  

“Every pound in your pension pot counts towards a comfortable retirement but the reality is that 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,” said Toby Triebel, CEO Europe, Wealthsimple.

“The Lost Pension finder is a feature we hope will inspire people to re-discover their lost savings and help them work towards securing a stronger future.”

Wealthsimple is used by 100,000 people globally who have invested £2bn of their savings.

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