"We fully support the Government’s Pension Dashboard initiative – but the reality is that it may be years before full coverage is realised."
Legal & General Retail Retirement has bought MyFutureNow, a pension pot tracing and consolidation company, for an undisclosed price.
MyFutureNow allows people to trace their lost or forgotten pension pots and can also create a single dashboard view of an individual’s pension savings portfolio.
The MyFutureNow platform will be offered to L&G 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.
The platform will also become available to IFAs seeking to provide this service to their clients.
Chris Knight, CEO of Legal & General Retail Retirement, commented: “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.
“In the Retail Retirement division we are committed to helping people make better informed decisions when it comes to retirement planning. Once MyFutureNow is integrated it will remove the headache of tracking down old pension plans from past employers, enabling consumers to make retirement decisions using all their available sources of retirement income.”
Emma Byron, managing director at 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.
“The onus is now very much on the individual to build their own retirement financial strategy – and while that’s exciting and empowering, it can also be really daunting. Everybody’s retirement is different, but what all consumers at this point in life have in common is the need to make quite complex decisions. They have to think about their appetite for risk, their health prospects, their anticipated life expectancy and their capacity for long-term financial decision making. Advice, tools and guidance are crucial. We believe the addition of MyFutureNow’s platform will help us in our mission to support consumers at this critical stage in life.
“Legal & General intend to make the service available through our DC business in Q4 2019, before launching it directly to consumers through our Retirement Income business in Q1 2020, alongside further exciting new developments in this space.”
Alan Browne, founder of My Future Now, added: “We are delighted to be joining the Legal & General group and excited about the prospect of helping their current and future customers to better understand and prepare for their retirement.
"For us, it’s always been about helping people to make the most informed and in time decisions possible, and we believe we have found a partner in Legal & General that is very much aligned with that customer-centric approach. We really look forward to working with Emma and the Legal & General team.”