Moneybox launches new personal pension
Moneybox launches new app-based personal pension to help people save for retirementÂ
10th March 2020 15:05
by Brean Horne from interactive investor
Moneybox launches new app-based personal pension to help people save for retirementÂ
Savings and investing app Moneybox has launched a personal pension, which allows new and existing customers to save for retirement.
New and existing customers can choose to consolidate their workplace pensions into a self-invested pension plan, (Sipp) or start a new pension pot from as little as £1.
Customers will be able to choose one of the following funds to save for retirement:
- BlackRock LifePath Fund
- Fidelity World Index fund
- Old Mutual World ESG Index fund
Moneybox charges an annual platform fee of 0.45% for pension pots up to £100,000 and 0.15% for pots over £100,000.
The annual fund provider costs range from 0.12% to 0.3%.
Savers will also be able to add individual contributions to their pension savings through the Moneybox app.
They can also make contributions by using a ‘round-up’ feature.
For example, if you a morning coffee for £2.40, Moneybox would round this up to £3 and put the extra 60p into your Sipp.
The Sipp can be monitored and managed through the Moneybox Sipp.
Moneybox first opened its waiting list for its pension in April 2019 and 100,000 people signed up.
Ben Stanway, Moneybox's co-founder, says: “The overwhelming level of interest we’ve seen so far in our pensions service demonstrates a real appetite for change in an industry that has been difficult and confusing for customers for too long.
The Sipp can be monitored and managed through the Moneybox Sipp.
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
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