Legal and General’s retail retirement arm is set to launch a pensions tracing service through the acquisition of consolidation company MyFutureNow.
The deal for an undisclosed sum aims to boost Legal and General’s proposition in the retail and workplace markets.
MyFutureNow provides a service that allows customers to trace their lost or forgotten pension pots, for example from past employers.
It can be used either as a tracing service or way of creating a single dashboard view of an individual’s pension savings portfolio.
The MyFutureNow platform will become available to IFAs seeking to provide this service to their clients and Legal and General customers of retirement age who are tracing their various pension pots.
Additionally, the service can be offered by Legal and General to customers of working age who want to find and possibly consolidate their various pension pots into a single retirement savings solution.
The life insurer intends to make the service available through its defined contribution business in Q4 2019, before launching it directly to consumers through its retirement income business in Q1 2020.
Legal and General retail retirement income managing director Emma Byron says: “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.
“They have to think about their appetite for risk, their health prospects, their anticipated life expectancy and their capacity for long-term financial decision making. Advice, tools and guidance are crucial. We believe the addition of MyFutureNow’s platform will help us in our mission to support consumers at this critical stage in life.”