According to the Association of British Insurers (ABI) the figures for unclaimed pensions in the UK is around £20bn
Fintech startup Mintago has partnered with financial advice technology firm Intelliflo to provide advisers with a tool to hunt clients lost pension pots.
Advisers will for the first time be able to use Mintago’s Pension Hunting platform which until now was a service only available to business clients as an employee benefit.
There are billions worth of unclaimed pensions in the UK and the average unclaimed pot is worth around £13,000. According to the Association of British Insurers (ABI) the figures for unclaimed pensions in the UK is around £20bn.
The firms believed that the new pension hunting tool will be beneficial for advisers and their clients.
Mintago chief executive Chieu Cao said: Joining forces with the Intelliflo platform is a natural fit for Mintago. After all, where our Pension Hunting tool is concerned, we’re striving for the same goal: to unlock new opportunities for financial advisers and, ultimately, ensure better outcomes for the end client.
As people change jobs throughout their lives, it’s very easy to lose track of the different pension pots they’ve accrued. A staggering £20bn is currently sat unclaimed in the UK alone, money that people need more than ever given the cost-of-living crisis, Cao said.
Financial advisers able to find these lost pensions for their clients will stand out from the rest. It’s a hugely valuable service. So, by working with Intelliflo and its vast network of more than 30,000 financial professionals, Mintago can help advisers enhance their own offering and deliver more value to their clients, Cao said.
Its CEO Nick Eatock added: Mintago’s Pension Hunting tool not only helps our customers become more efficient, but will also make a big difference to their clients. With £20bn worth of pensions unclaimed in the UK, we thought that it was important that this tool was available to our customers, and it will, for the first time, thanks to this partnership.