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Moneybox is a mobile application that lets you save and invest small sums of money. It’s now got a pension product that allows you to combine all of your existing pensions into one pot. Find out what we thought, how much the Moneybox pension costs and some pros and cons of Moneybox.
Moneybox first launched in 2016 as a “round ups” service, which meant it connected to your bank account and collected spare change from your spending to invest in a stocks and shares ISA. You can check out our full review of Moneybox’s original offering, but here we’re just talking about the Moneybox pension.
Since the early days, Moneybox has expanded to include savings accounts and pensions.
For its pensions service, Moneybox collects all of your pension pots in one plan, making it easy for you to view and manage your money.
Many people in the UK admit ignorance when it comes to their pensions, so a service like Moneybox, which both helps you to track down all your old pensions and manage them easily, can be a real help.
After you download the app, you input a few details about your old pension pots and the Moneybox staff track them down for you.
In most cases, this can be done fully electronically, but if any of your old providers need your signature to approve the transfer, Moneybox will get a form out to you.
If you’ve lost the details of your old pension pots then Moneybox can try and find them for you, you just need to open a chat up with the staff tell them your old employers.
If Moneybox is still unable to track down your pensions, it recommends getting in touch with your old employers to find out and gives you a template email to send to your employer. Only if all else fails, call the team and they’ll see what they can do.
Once you’ve set up your account, you can invest in one of three pension funds:
Some types of pensions (like those with extra benefits) cannot be transferred to Moneybox, and it also can’t accept the pension from your current employer – only old ones.
This is a point of contention with customers. Moneybox’s fees can get pretty high for those looking for long-term investment.
Moneybox charges a fee of 0.45% annually for pension pots up to £100,000. Anything above that will be charged at a fee of 0.15%. Your fee is calculated on a daily basis and is taken at the end of each month from the value of your investments.
On top of that, you will also be charged the fund provider fee, which is between 0.12% and 0.30%, depending on the fund you choose to invest in.
For more seasoned investors, these fees may seem excessive. However, those with less experience and knowledge of the market may find that the fees are worth it to have Moneybox take the hassle out of investing and having access to the easy-to-use app.
The first step is downloading the Moneybox app. You should then head to the account tab and join the pensions waiting list.
When your account is enabled, you’ll have to give Moneybox a few details about your old pension funds, including the provider names and policy numbers. If you don’t have these details to hand, Moneybox can point you in the right direction for where to find them or look them up for you. You will also need to choose which fund you want to invest your pension money into.
Once all the details are in, the Moneybox team will get the transfer process going and will keep you updated with any developments or need for further information. You can also check your account progress in the Investments tab of the app.
Moneybox makes it easy to see how much money you have in your pension pot by combining all of your pensions into one plan. The app is easy to use and is great for investment novices who need some extra guidance in order to navigate the market.
However, with high fees, no option for personal contributions and no drawdown, this service is not for everyone.
Read our review of the Moneybox app
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
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