Legal & General Retail Retirement (LGRR) has purchased a 100% stake in Finovation Limited, trading as MyFutureNow, which specialises in pension pot tracing and consolidation.
MyFutureNow provides a service that allows the customer to trace their lost or forgotten pension pots, for example from past employers. Using basic personal data and employment details, MyFutureNow uses its extensive pension database and provider knowledge to trace pension pots and provide updated details to the customer. It can be used either as a tracing service or way of creating a single dashboard view of an individual’s pension savings portfolio.
MyFutureNow gives Legal & General an added benefit service for existing and potential customers across Legal & General’s Retail Retirement and defined contribution pensions business.
Legal & General believe that its customers want to have a single, complete, understanding of their pension and retirement assets. The acquisition of MyFutureNow will support the Retail Retirement and DC businesses, enabling Legal & General to deliver a view of pension and retirement savings for its customers – individual pots, workplace savings and their underlying investment assets.
Chris Knight (pictured), CEO of Legal & General Retail Retirement, 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.”
Alan Browne, founder of My Future Now, added: “We are delighted to be joining the Legal & General 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 Legal & General that is very much aligned with that customer-centric approach. We really look forward to working with Emma and the Legal & General team.”