Pension Finder combines a user’s LinkedIn career history with their existing financial situation to spot where there might be forgotten pension pots
There’s an estimated £19 billion worth of ‘forgotten’ savings spread across 1.6 million workplace pensions pots in the UK that now sit idle as employees have moved onto new jobs but forgotten to transfer their pension.
Now Moneyhub is stepping in with an interim solution, it’s launched a Pension Finder service that uses its open data platform to identify lost pensions.
Pension Finder combines a user’s LinkedIn career history with their existing financial situation to spot where there might be forgotten pension pots.
The Pension Finder is an important addition to the capabilities of Moneyhub and will make financial admin easier and ultimately drive better outcomes for our clients and their customers, said Moneyhub’s chief commercial officer, Dan Scholey.
When people have a complete financial picture they are able to make better decisions or get the help they need, he said.
The UK Government is working on a far more substantial tool to help called the Pensions Dashboard, which will enable third parties to build tools that link in with pensions industry data, however, this project has been repeatedly delayed and now isn’t targeting a launch until early 2024.
Moneyhub is among the providers building a pensions dashboard that will take advantage of the Government’s larger project, but Scholey said it decided to launch Pension Finder as an interim solution given the tens of thousands of savers who could benefit.
Too many people are failing to engage with their pensions meaning they are potentially missing out on a better retirement. In an era of inflation, it is important that savers take positive steps to guarantee their future financial wellness, Scholey added.