Moneybox pension review

Find out how you can consolidate all of your pension plans into one with the Moneybox app.


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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.


Download Moneybox to take control of your financial future

  • Keep all your pensions in one place
  • Get 25% tax relief from the government
  • Award-winning app

What is 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.

How does Moneybox’s pension work?

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:

  1. Fidelity World Index Fund. This is the same fund available to users of the Moneybox app who take out a GIA, ISA or Lifetime ISA.
  2. Old Mutual World ESG Index Fund. The social responsibility choice, this fund focuses your investments on sustainable, socially conscious or ethical options.
  3. BlackRock LifePath Fund. This is a “lifestyle” fund that changes the balance of your investments as you near retirement age.

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.

Moneybox pension fees

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.

How do I get a Moneybox pension?

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.

Pros and cons of Moneybox


  • Digital only. Having all of your account details and paperwork online or in the Moneybox app (available through Google Play or the App Store) means less clutter around the house.
  • Easy-to-use app. The user-friendly app makes managing and viewing your money easy.
  • Choice of funds. You can choose from three funds to suit your pocket and your values.
  • Other options available. You can also open a savings, investment, ISA or Lifetime ISA with Moneybox.
  • Safe and secure. Moneybox is FCA-authorised, with 256-bit encryption protecting your personal details.
  • Ability to add personal contributions. You can add to your pension by direct debit and round up your purchases.


  • High fees. Moneybox’s fees can end up eating into your pension pot in the long run.
  • Current pension not supported. You can only transfer your pension to Moneybox if you are no longer actively contributing to it.
  • No drawdown. You can’t withdraw your money from Moneybox directly when you reach retirement — you’ll have to transfer it to a different provider first.


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

Compare similar providers

Table: sorted by promoted deals first
Data indicated here is updated regularly
Name Product Minimum investment Choose from Annual fee Brand description
Interactive Investor Pension
Any lump sum or £25 a month
Over 3,000 funds
interactive investor is a flat-fee platform, which makes it cost effective for larger portfolios. Capital at risk.
Moneyfarm Pension
£1,500 (initial investment)
7 funds
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
AJ Bell Pension
Over 2,000 funds
AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.
PensionBee Pension
No minimum
7 funds
0.5% - 0.95%
Pension Bee is a newbie in the pension market. It helps consolidate your pension plans into one place. Capital at risk.
Hargreaves Lansdown Pension
£100 or £25 a month
2,500 funds
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
Saxo Markets Pension
Saxo Markets Pension
Over 11,000 funds
No annual fee
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
No minimum
4 portfolios
Moneybox Pension
3 funds
0.15% - 0.45% charged monthly
Manage your money with an easy-to-use Moneybox app. Capital at risk.

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Data indicated here is updated regularly
Name Product Price per trade Frequent trader rate Platform fees Brand description
Zero platform fee
Your first 100 trades are free with Fineco, T&Cs apply.
Fineco Bank is good for share traders and investors looking for a complete platform and wide offer. Capital at risk.
eToro Free Stocks
0% commission, no markup, no ticket fee, no management fee
Withdrawal fee & GDP to USD deposit conversion
Capital at risk. 0% commission but other fees may apply.
0% commission on US shares, and £3 on UK shares
From £5
£0 - £24 per quarter
IG is good for experienced traders, and offers learning resources for beginners, all with wide access to shares, ETFs and funds. Capital at risk.
Hargreaves Lansdown Fund and Share Account
No fees
Hargreaves Lansdown is the UK's number one platform for private investors, with the depth of features you'd expect from an established platform. Capital at risk.
Degiro Share Dealing
£1.75 + 0.022% (max £5.00)
£1.75 + 0.022% (max £5.00)
Portfolio transfer fees (in & out)
Degiro is widely seen as one of the best low-cost share brokers, for people who are looking to trade regularly. Capital at risk.

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Minimum deposit Maximum annual fee Price per trade Brand description
Interactive Investor stocks and shares ISA
Any lump sum or £25 a month
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
Hargreaves Lansdown stocks and shares ISA
Hargreaves Lansdown is the UK's biggest wealth manager. It's got everything you'll need, from beginners to experienced investors. Capital at risk.
Nutmeg stocks and shares ISA
Nutmeg offers three types of portfolios. Choose the one that goes with your investment style. Capital at risk.
Moneyfarm stocks and shares ISA
Capital at risk.
Saxo Markets stocks and shares ISA
No minimum deposit requirement
Saxo Markets offers a wide access to a range of stocks, ETFs and funds. Capital at risk.
AJ Bell stocks and shares ISA
AJ Bell is a good all-rounder for people who to choose between shares, funds, ISAs and pensions. Capital at risk.
Fidelity stocks and shares ISA
£1000 or a regular savings plan from £50
Fidelity is another good all-rounder, offering a good package at a decent price. Not suited for trading shares. Capital at risk.
Legal & General stocks and shares ISA
Legal & General stocks and shares ISA
£100 or £20 a month
Legal & General is a big financial services company which offers insurance, lifetime mortgage, pensions and stocks and shares ISAs. Capital at risk.

Compare up to 4 providers

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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