" class="no-js "lang="en-US"> Two in Three consumers are in the dark over where their pensions are invested
Sunday, April 14, 2024

Two in Three consumers are in the dark over where their pensions are invested

67% of consumers do not know where their pension is invested, according to new research from the fintech pensions challenger, Penfold.

The study of 2,000 consumers also found that 20% would like to see their pensions invested in renewable energy and a further 20% would invest in healthcare, given the choice. The science and pharmaceuticals industry, as well as the charity and voluntary sector also ranked favourably, with 16% of consumers stating they would like to see their pension invested in these areas respectively.

Penfold is the latest addition to the array of leading pension providers already embracing Tumelo’s technology to provide transparency and enable users have their say on big issues such as climate change, executive pay, and human rights to name a few.

Penfold’s newly launched ‘Have Your Say Dashboard’, powered by Tumelo, an impact-focussed fintech, lets savers see exactly where their pension is being invested. In a SIPP industry first, the dashboard also shows which companies in savers’ pension fund have annual general meetings coming up and what resolutions are being addressed. Savers are then able to submit their vote preferences on resolutions which feeds to their fund managers, who put the official (legal) vote forward on savers’ behalf. This enables savers to take a stance on issues that are important to them and have their voices heard by those managing their savings.

Georgia Stewart, Co-Founder & CEO of Tumelosaid: “We are delighted to partner with Penfold and enable their savers to have a voice on how the companies their pension is invested in are run. Penfold’s platform is changing the way people view and interact with their pension. It’s no longer just a matter of financial returns – people are starting to understand that their investments can be a powerful force for good and that their investments should give them a say on key issues such as climate change, gender equality and human rights. Through this partnership with Penfold, we’re giving investors the opportunity to look after their own future while building a better world for everyone.”

A digital alternative to traditional pension companies, Penfold allows users to set up, manage and track their pensions online or on their devices. Contributions can be paused, topped up with one off payments and users can also track down and combine multiple pension balances. Users can choose where their money is kept or invested and the dashboard explains how much they have saved and how far off they are from their ultimate end-goal. In summary – it makes pensions painless today.

Chris Eastwood, co-founder of Penfold, said: “Your pension isn’t just an opportunity to save for the future – it offers you the chance to own a tiny share of big companies around the world and have a say on what is happening within these businesses.

“It’s our mission to simplify the pensions industry – this means being transparent. We want our customers to easily see exactly where their money is invested.  Our new ‘Have Your Say Dashboard’ means not only can you see where your money is invested but which annual general meetings are coming up for businesses and which issues are being discussed. The dashboard will then allow you to vote on what matters to you. The fact that people want to see their money invested in renewable energy and the charity sector shows that people care about where their money is invested – but they can’t always easily find this information.”

“It’s the next phase of modernising the archaic pension industry – first we made them digital and easy to access, now we’re removing the mystery around where the funds are invested.”

Current issues available for users to vote on include:

  • Should Amazon have to report on its plastic pollution?
  • Should McDonald’s report on the use of antibiotics in its meat?
  • Should Shell set new targets to limit global warming?
  • Should Coca Cola report on how its sugary products affect public health?
  • Should Boots’ parent company stop selling tobacco?

Case Study

Jolyon Hedges is a freelance translator from London: “When I had a workplace pension it didn’t cross my mind to think about where it was invested. When I went self-employed and started looking into pension plans, I realised the impact my money could have – which is why I chose Penfold – it was easy to set up and gave the option for a sustainable pension. Using the ‘Have Your Say Dashboard’ means that I have full visibility of where my pension is invested and I can actually help make a difference with my savings.”

For more information about Penfold visit www.getpenfold.com

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