Perkbox, a growing employee benefits platform, is partnering with PensionBee, an online pension manager, to offer Perkbox users the chance to find and combine all their old lost pensions into one brand new online plan managed by the world’s biggest money managers.
This initiative comes shortly after Guy Opperman, Pensions Minister, announced that it had decided not to resurrect the proposal for the so called “pot follows members” system, allowing pension pots worth £10,000 or less to follow an employee automatically when they moved to a new employer.
With an average of 11-12 jobs in a lifetime and a lack of support from government in the transfer process, people are losing track of all their old pots. In fact, there’s already over £500m sitting in forgotten pots and the Department for Work and Pensions estimates that auto-enrolment will result in a total of 50 million by 2050.
PensionBee is the first and only technology operating in the UK that can identify, transfer and combine pensions for users. With pensions being the last thing on young people’s minds, and it becoming an incredibly important issue, this partnership represents an important step forward in the Perkbox mission to support customers with all their employee needs.
In addition to introducing the service, Perkbox will offer users a £50 financial reward once their first pension is transferred over, simply for joining through the Perkbox platform. It will also host a series of demos to familiarise Perkboxers with the PensionBee technology and get them up and running on the platform as soon as possible.
Chieu Cao, Cofounder and CMO of Perkbox says: “Regardless of the occupation, age or income, money is something we all worry about. Failing to save enough can result in financial stress impacting work performance, productivity and difficulty planning retirement dates.
“Employers are not only well placed to help solve the problem, but should also have a significant interest in doing so. This partnership will allow us to support employers in achieving this.
“What’s more, It represents an exciting opportunity to bring our mission – ‘to build a better society one relationship at a time’ – to the next level and I am thrilled about that.”
Clare Reilly, Head of Corporate Development at PensionBee, continues: “We are very excited to announce that Perkbox and PensionBee are joining forces to help all employees have happier and healthier retirements. Both Perkbox andPensionBee put online experience and customer empowerment first, and are aligned in their mission to give employees a happy, secure financial future, so it made sense to join forces.
Moreover, happy futures start by taking control of your pension today. Our exciting new partnership is aimed at the 80% of employees who haven’t taken their old pensions with them when they changed jobs. Employees will be able to easily find and combine all those lost, forgotten about pots into one shiny new online plan – to help them keep track of their retirement income, 24/7. A win-win outcome for both employers and employees”
Perkbox is a provider of employee benefits, working with SMEs and FTSEs to increase productivity. Perkbox was created by Saurav Chopra and Chieu Cao in 2014. Today it ranks among the leading providers of employee benefits programmes for thousands of companies of all sizes such as OpenTable, Wasabi, Hawksmoor, Rentalcars and Levi Strauss & Co. To date, Perkbox has raised over £11.0 million in funding from investors such as Alex Chesterman, founder of LoveFilm & Zoopla, Sherry Coutu, former advisory board member at Linkedin, as well as the leading European venture capital firm Draper Esprit. Perkbox also recently acquired London-based Loyalty Bay, which offers a SaaS platform for the automated delivery of digital rewards.
PensionBee is an online pension manager that helps customers find and combine their old pensions into one good value online plan. Customers can manage their pension like they manage their bank account; they can look at their live balance, make contributions online and use a smart calculator to plan their savings. Over 80,000 people have used PensionBee to take control of their retirement, with savers rating them an average of 9.2 Excellent on Trustpilot. As Forbes recently summarised: “PensionBee cracked the pension sector and got the fintech world buzzing”.