Based in London, MyFutureNow uses its pension database and provider knowledge for tracing pension pots
Legal & General Retail Retirement (LGRR) has acquired MyFutureNow, the trading name of Finovation, a UK-based provider of pension pot tracing and consolidation services.
Financial terms of the transaction were not disclosed.
MyFutureNow offers a platform that enables customers to trace their lost or forgotten pension pots from their previous employers, workplaces, and personal policies.
The company, through basic personal data and employment details, uses its pension database and provider knowledge for tracing pension pots and for giving updated details to customers.
The platform can either be used as a tracing service or a way of providing a single dashboard view of the pension savings portfolio of an individual, said LGRR.
LGRR 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.”
According to Legal & General, MyFutureNow offers it an added benefit service for the existing and future customers across its retail retirement unit and defined contribution pensions business.
Legal & General’s plans for the MyFutureNow platform
Legal & General plans to offer the pension pot tracing platform to its customers of retirement age who trace their multiple pension pots before deciding on their retirement income via an annuity, drawdown, or a mix of both, or by any other means.
The MyFutureNow platform will also become accessible to independent financial advisers (IFAs) looking to offer the service to their clients. Furthermore, the service can be provided by Legal & General to its working age customers who want to trace and possibly bring their multiple pension pots into a single retirement savings solution.
LGRR income managing director Emma Byron 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… We believe the addition of MyFutureNow’s platform will help us in our mission to support consumers at this critical stage in life.”