Legal & General Retail Retirement (LGRR) has, for an undisclosed price, purchased a 100% stake in Finovation Limited, trading as MyFutureNow, which specialises in pension pot tracing and consolidation.
MyFutureNow provides a service that allows the customer to trace their lost or forgotten pension pots, for example from past employers. Using basic personal data and employment details, MyFutureNow uses its extensive pension database and provider knowledge to trace pension pots and provide updated details to the customer. It can be used either as a tracing service or way of creating a single dashboard view of an individual’s pension savings portfolio.
MyFutureNow gives Legal & General an added benefit service for existing and potential customers across Legal & General’s Retail Retirement and defined contribution pensions business.
The MyFutureNow platform will be offered to Legal & General customers of retirement age who are tracing their various pension pots before making a decision about their retirement income, whether through an annuity, drawdown, a combination of both, or other means. It will also become available to IFAs seeking to provide this service to their clients. Additionally, the service can be offered by Legal & General to customers of working age who want to find and possibly consolidate their various pension pots into a single retirement savings solution.
Chris Knight, Chief Executive Officer, Legal & General Retail Retirement, said:
“At Legal & General we fully support the Government’s Pension Dashboard initiative – but the reality is that it may be years before full coverage is realised. Wherever they are in their retirement journey, from beginning to save for retirement to planning retirement income solutions, customers need the tools and guidance to make informed decisions about the most suitable options for their personal circumstances, lifestyle and retirement goals.”
Emma Byron, Managing Director, Legal & General Retail Retirement Income, said:
“Making the right financial decisions at the point of retirement is often complicated – and it’s our mission to ensure that we do everything possible to make life simpler for our customers… We believe the addition of MyFutureNow’s platform will help us in our mission to support consumers at this critical stage in life.”