Legal & General has bought pension-pot tracing and consolidation business MyFutureNow and announced its intention to make it available to IFAs seeking to provide the service to their clients.
The pension and investment giant said the acquisition, which was for an undisclosed price, would also support its retail retirement and defined contribution businesses, enabling customers to track down lost pots and provide an overview of their retirement investment assets
The deal was structured so that Legal & General Retail Retirement purchased, for an undisclosed price, a 100% stake in Finovation Limited, which trades as MyFutureNow. The business provides a service that allows people to trace their lost or forgotten pension pots - for example, from past employers.
Legal & General said it believed its customers wanted "a single, complete, understanding of their pension and retirement assets" and went on to note MyFutureNow could also be used as a way of creating a single dashboard view of an individual's pension savings portfolio
Legal & General Retail Retirement CEO Chris Knight (pictured) 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, customers need the tools and guidance to make informed decisions about the most suitable options for their personal circumstances, lifestyle and retirement goals. 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."
MyFutureNow founder Alan Browne said: "For us, it has 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."
Setting out timings, Legal & General Retail Retirement Income managing director Emma Byron said: "We intend to make the service available through our defined contribution business in the fourth quarter of 2019, before launching it directly to consumers through our retirement income business in the first quarter of 2020, alongside further exciting new developments in this space."
Tool used in place of triage