Cohort 6 of the FCA Sandbox has been announced , with the FCA selecting 22 of its 68 applicants.
AgeWage offers a way of understanding a pension pot using a value for money score. The sandbox test measures how understanding Value For Money can empower savers to find and compare other pensions and turn pots into retirement plans.
AgeWage’s inclusion in the Sandbox comes at an interesting time. The FCA’s consultation on value for money (CP20/9) challenges IGCs and GAAs to find a universal definition of value for money and a way of helping employers and employees compare their workplace pensions.
Henry Tapper, AgeWage’s CEO says
“people are fed up with phoney-baloney claims; they want data-driven reporting on what’s happened with to their pension savings. We’ve found a way of converting their savings data into a meaningful score that tells them how they’ve done”
“We’ve helped Morningstar create a new index which tracks the average workplace pension every day since 1980. Our score lets people see how their money has grown compared with the average saver”.
AgeWage will not just be reporting the results of the Sandbox test to the FCA, they plan to feed into the DWP’s call for evidence on charges and the Pension Dashboard Programme’s work on data standards.