MyPensionsPal - Making pensions make sense

Nobody wants to retire into poverty. Unfortunately, according to the not-for-profit Independent Age, around two million pensioners in the UK live in poverty. That’s close to one in five, and that number is predicted to double over the next few decades. 

Around 90% of employees are now accruing a defined contribution (DC) pension, with 10% remaining in a defined benefit (DB) pension. This is leading to a legion of ill-equipped individual savers who are now personally responsible for ensuring they are saving enough for retirement and have very few resources they can turn to for help.

The problem becomes more acute when you look at pensions gaps. According to current data from Legal & General, women are retiring with 55% less than their male peers. The personal responsibility, lack of helpful resources and pensions gaps mean many people are feeling anxious about pensions.

Everyone should be able to benefit from getting the support they need. MyPensionsPal is designed to do just that, helping the people who need it the most go from anxious to empowered with pensions in just a few easy steps.

MyPensionsPal has been designed to be the first independent, holistic, and inclusive pension coaching service

Our promise:

• Zero Jargon

  Easy to understand and navigate through

• Reality-led approach

  Tailored to you, and whatever life brings

• Smooth experience

  Start your journey with very little information required

• Real actions to empower

  Clear actions and flex to adapt as you go

• Supportive community

  You're not alone, strength comes from connections with others

• Insights from people like you

  Others are on the same journey and we can all learn from each other

1. Project

By providing just 3 pieces of information, we show you an estimate of what you are currently on course for at retirement.

2. Picture

Retirement is perhaps the greatest and most deeply personal transition. It could mean you switch gears, slow down or stop work entirely. We are designing some simple tools to help you visualize your retirement and what you will need to make it happen.

3. Plan

If your pension is not currently on course, we can help. By guiding you through a series of stepping stones and providing you with the actions needed to reach your destination.

Individuals using our service will:

• feel a greater empowerment and understanding of their financial situation and savings for retirement

• get a clearer picture of what retirement may look like for them

• improve their retirement savings by utilising the "free money" of pensions from compound interest, tax relief, employer contributions, pensions credits etc

• have access to hollistic support for key life events eg divorce, caring responsibilities, phased retirement options etc

If successful as we have envisaged we will also be able to unite the voices of those currently under-represented, forming a supportive community to drive positive change.

Overall, it is hoped that MyPensionsPal will help to reduce the number of people retiring into poverty and reduce pension inequalities.