Pensioners can boost pot by £16,000 using new online tool

James Rodger
·2-min read

Pensioners can boost their retirement savings by £16,000 with an online tool. Moneyfarm has launched its "Find, Check & Transfer Pensions Service" to assist retirees in uncovering £26.6billion worth in untouched pension savings.

New and existing Moneyfarm clients are able to easily set up FCT requests to find their lost or old pension schemes. Giovanni Daprà, the Founder and CEO of Moneyfarm, urged people to take advantage of the investing platform's new product.

He explained: "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.

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"The launch of the Find, Check & 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."

Stephen Mark Jones, a product manager at Moneyfarm, added: "We are incredibly proud to launch the Find, Check & 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 four per cent of people instinctively inform their pension provider when they change address, compared to 66 per cent who notify their bank and 89 per cent 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 comes as the figures from the Pensions Policy Institute (PPI) revealed there was £26.6billion in lost pensions recorded in the UK back in 2022, up from £19.4billion in 2018.

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