News in brief - 18 September 2020

Moneybox has announced the launch of its ‘pension detective’ service.

Following a successful beta trial, which saw over £900,000 in pension pots found, the provider announced the launch of the service, supported by a provider search tool, in order to help reunite more people with stranded pension pots. Moneybox has now made the service available on its website for one month in light of Pension Awareness Day, remaining available via the app for moneybox customers after this time. It is free to use, and there is no requirement to make a pension transfer following a provider search. Moneybox has also relaunched its reward share scheme, which allows customers who transfer a qualifying pension pot into the Moneybox Pension and complete the share registration journey, to receive shares in Moneybox when their transfer closes.

Legal & General Investment Management (LGIM) has launched two tech projects to boost member engagement.

The 'Go&Live' wellbeing hub will be available to defined contribution (DC) scheme members in the UK, serving members at different stages of their retirement journey with tailored solutions to maximise their contributions. It will allow members to access a range of services from the broader Legal & General group and vetted independent providers, as well as heling members to source care in later life. LGIM has also launched a pilot project in conjunction with Tumelo, which will allow around 52,000 scheme members across two of LGIM’s largest clients to access, learn and express opinions about their investments to fund managers. The opinions expressed by members are exclusively advisory at this point, allowing members to see how their views compare against peers and their fund managers.

SEI has partnered with Moneyhub to boost its master trust offering.

SEI will use Moneyhub’s Personal Finance Management platform to help improve engagement and financial wellbeing amongst members, which it argued would in turn help work satisfaction and productivity. The platform comes pre-populated with the scheme member’s employer pension information, and goes “ a step further than the pension dashboard”, as members will be able to connect bank accounts, savings and investments for a more aggregated view of their financial accounts. Using machine learning, the platform is then able to give “hyper-personalised offerings” called nudges, to help members make more informed decisions around their finances.

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