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The Idea

The Pension Lab team has been developing an interactive platform to help employees and individuals re-connect and engage with their pensions. The mission is to provide simple tools to create a better understanding of pensions and encourage long-term financial decision making. The technology provides a personalised Dashboard for employees, giving a simple, daily updated view of an employee’s pension pots. This, for the first time, gives a user a complete picture of their pension position, in one digital platform.

In the next weeks, we will be delivering to market a ground-breaking new tool; The Pension Score. This score leverages our Dashboard capabilities and provides a mechanism for employees to engage with and better understand their pensions. The algorithm underpinning the score includes consideration of charges, risk level and asset allocation, specific to each of the user’s pensions. 

The intention for the score is to drive decision making by simplifying pension understanding, and provides guidance on the biggest employee benefit most companies pay. 

The score is twinned with a retirement projection tool, set to a user’s chosen retirement date. Each user is able to see what their existing pots (past and present) will provide them at their retirement date and the impact of their employer’s contributions on their provision, along with details of any potential shortfall. 

The initial drive focuses on a b2b model with employers keen to provide employee wellbeing tools to staff and promoting recent Auto Enrolment contributions. This comes when Employee Benefit Engagement and Pension Awareness are becoming a top priority for many companies, with attention from the Government, regulators and Private sector. Longer term we aim to target very large employers and Pension Trustees, with potentially tens of thousands of members.

Our team has a wealth of experience in financial services and commercialising financial technology. The founders have been involved in Fintech programme delivery following successful experience within the private banking, wealth and pension management and PFM space across a number of leading institutes including: Barclays Bank, KPMG, PwC, and Credit Suisse. The founders’ experience importantly combines pensions, business and technology.

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The Market

A PWC (2018) Report confirms that “traditionalists, the generation born before 1947 generally feel “relaxed” and “reassured” about their pensions. This is probably because many of them enjoy the security of a defined benefit pension. For everyone else there’s a prevailing feeling of “concern” and amongst some “dread”. Only 21% of baby boomers feel “relaxed” or reassured”.

The report also sets out how employees want to receive information on pensions and the extent to which they’d be willing to pay for it, with a full 50% of generation-Z prepared to pay for an online pension portal linked to their bank account.

Businesses are losing out on capitalising on the biggest employee benefit, with most employees unaware of the long-term value of the payments into their pensions. 30% of employers provide no online access to pensions and only 39% provide educational or planning support. A full 99% of Nest’s 8 million users are in the default fund and only 20% have logins, showing a complete lack of connectedness.

Given the scale of the problem, the total accessible end user market is every eligible worker in the UK, over 25,000,000. ( www.thepensionsregulator.gov.uk PDF - PAGE 21)

Overall 87 per cent of eligible employees were participating in a workplace pension in 2018, up from 84 per cent in 2017.* ONS published June 2019.

All the above provides a clear validation that the market has seen a fundamental shift in scale and uptake following Auto Enrolment rollout. The engagement with these pensions comes firstly from the employee, however the market for employers to provide the necessary tools to enable employees to understand their workplace pension benefit remains untapped and fresh, as does the mounting regulatory pressure from the likes of the Department for Work and Pensions (DWP), FCA and TPR for employer’s to evidence how they are providing value for money to their employees and members.

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The Team

Exit Strategy

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Live Pitch

Project Documents

Click the button(s) below to view / download important additional project documentation for Pension Labs.

the Numbers

Target: £150,000 Raised so far: £27,940.64 Investors: 6
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top investors

Luke : £10,084 rhys : £7,038 Andrew : £5,042 Suraj : £2,101

the Company

Registered number: 10295451 Incorporation date: 15 July 2016 Website: https://thepensionlab.co.uk/
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