Legal and General Retail Retirement (LGRR) has acquired pension pot tracing and consolidation service, MyFutureNow.

LGRR has acquired a 100 per cent stake in the company, Finovation Limited, which trades as MyFutureNow, for an undisclosed price. The company uses basic personal data and employment details to search an extensive pension database and provider knowledge to trace pension pots and provide updated details to the customer.

The software can be used either as a tracing service or way of creating a single dashboard view of an individual’s pension savings portfolio.

LGRR said the acquisition of MyFutureNow an added benefit service for existing and potential customers across LGRR and its defined contribution pensions business. L&G believes that its customers want to have a single, complete, understanding of their pension and retirement assets.

Commenting, Legal and General Retail Recruitment, CEO, Chris Knight, 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.

“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”.

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. It will also become available to IFAs seeking to provide this service to their clients. Additionally, the service can be offered by L&G to customers of working age who want to find and possibly consolidate their various pension pots into a single retirement savings solution.

“We are delighted to be joining the L&G 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 L&G that is very much aligned with that customer centric approach,” MyFutureNow, founder, Alan Browne said.

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