AgeWage successfully completes its Sandbox testing.
AgeWage, a Fintech providing value for money measurement for DC pensions has exited the FCA Innovation sandbox and is now directly authorised to give pension guidance to trustees, employers and savers.
AgeWage was the only start up in the 2020 that focussed on pensions. CEO Henry Tapper says they were chosen because the FCA wanted start-ups to focus on the propositions which “make finance work for everyone” and “support the UK in the move to a greener economy”.
“People would like to know more about their pensions but don’t know where to start; AgeWage scores give us all a simple way to get to know our pensions. We are pleased that our test confirmed the scores were helpful in guiding people to better outcomes.”
AgeWage’s system of scoring pensions was tested with a group of 300 self-selecting members of the public who were able to compare workplace, SIPP and legacy pensions for the value they had received for their money. The test took them to a variety of next steps which allowed them to model their retirement income, aggregate their pots , think about annuities or link to a financial adviser,
AgeWage has analysed more than 2 million pension pots for insurers, trustees and employers and now expects to use its permissions to help ordinary people better understand how their savings can be used to provide them with “a wage in later age”.
Tapper also sees applications of the scoring system for employers looking to choose the right workplace pension and for trustees who will soon have to decide whether to run their own schemes or consolidate with master trusts.
The sandbox test was carried out with fellow Pentech Pension Bee. Pension Bee’s CEO – Romi Savova says
“The pensions industry desperately needs a solution to enable fair comparisons between products so consumers can choose the best option for them. AgeWage has made this process straightforward – to the benefit of millions of savers and thousands of pension schemes.”
Participants in the FCA Sandbox cohort 6 were announced in July 2020. https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-6 also included in this cohort were Nest Insight and Hub Financial
Details of AgeWage’s authorisation can be found on the FCA register ; its FCA’s registration number is 917800
Henry Tapper is available for comment on +44 (0)7785 377768 or firstname.lastname@example.org – DM @henryhtapper