Pensions are complicated, confusing and for anyone who isn’t a high-net worth individual, getting useful help, guidance or advice is near impossible.
Currently, 80% of people are not sure if they are saving the right amount for retirement and most employees are disengaged with their pensions – only 20% have logins to view information online and 43% do not even know if they received a pension statement last year.
Little wonder then, that throughout the UK, there is the strong likelihood that many individuals may not have enough funds to retire comfortably on.
Identifying these issues, The Pension Lab has developed an electronically-driven pension dashboard and proprietary pension score, meaning that for the first time, for each of your pensions, you can have a simple metric to understand if your pensions are performing and if any actions should be taken – Think Clear Score for pensions.
Importantly, the dashboard also highlights a user’s Retirement Gap, the difference between when the user would like to retire and when they can retire. By identifying this gap, The Pension Lab is confident its technology will drive savings actions and Retirement Gap reduction in real time, making pensions-saving truly about today as well as tomorrow.
The Pensions market is significant, with nearly every working adult in the UK having a pension since the advent of Auto-Enrolment – a total market of around 21 million, which has doubled since 2012. In 2018 alone, more than £90 billion in contributions were made via workplace pensions.
These are significant numbers and whilst the industry has traditionally been slow to adapt to digital technology, there are signs that trustees are beginning to embrace new solutions.
The Pension Lab’s founders have a wealth of financial services/fintech experience, having worked for Barclays Bank, KPMG, Price Waterhouse Cooper and Credit Suisse. They have also invested substantial capital to develop the brand, the technology, gain regulatory (FCA) approval and build partnerships with some of the leading providers of fintech in pensions: Everlution, Evalue, Financial Express, Yodlee and Origo.
And with dashboard technology that is significantly more sophisticated than anything else in the pensions sector, they believe they are well placed to shake up the industry, get individuals much more focused on their pensions, and make a real difference to the UK’s pensions market.
The company is seeking £150k investment under the Seed Enterprise Investment Scheme (SEIS), at a modest pre-money valuation of £1.05m.
Funds will be used for infrastructure and working capital to support growth, and ongoing development of the platform, as the business concludes its final testing, to be ready for commercialisation by the close of this SEIS round.
To learn more about this opportunity please click here. You can even have a go and track down your old pensions by logging on to the Pension Lab website.
