People saving for their retirement need help.
Pension risk is now taken by savers – not insurers or plan sponsors. Savers are presented with tough choices which they are not prepared for; and Middle Britain does not take advice.
AgeWage analyses millions of people’s data from pension providers and turns it into one meaningful metric – the AgeWage score – that tells us how our pensions have done
This authoritative measure is created by benchmarking the outcomes of our lifetime savings using a AgeWage’s Morningstar index. The algorithm is our unique IP.
We have found an eager market for these scores amongst UK pension providers
and many large employers and their trustees, now use our scores to understand the value they and their staff get for their money.
AgeWage is already a viable and self-sustaining business serving these blue-chip customers.
Now we want to talk to their policyholders, members and staff. These people know nothing about their pension savings.
But they are keen to know where their money is invested and want to make sure it’s invested responsibly. We can and will help them.
They are keen to find their lost pensions; the ABI estimate £20bn. of our pension money has gone missing. The DWP estimate that unless we improve data management, there will be 50 million lost pots by 2050. We can and will help people find and aggregate their pension pots
They are keen to provide themselves with a wage in retirement and make their money work as hard as they have done. We can and will help them turn their pension pots into an AgeWage , a wage in later age.
With the help of the providers and corporates who provide our current client base, we can engage their millions of savers into users of the AgeWage app.
Our confidence of success has increased as a result of Covid19.
We expect to see savers demanding better access to the products they need to insure against the risks of losing financial independence in later years.
It entered the FCA’s sandbox as part of cohort 6 and is now directly authorised to introduce business to third parties.