Moneybox has launched three low-cost branded pension funds.
Developed in partnership with Amundi, the funds will be available to customers from December 8.
According to Moneybox the funds aim to offer a simplified, cost-effective investment solution.
The funds comprise:
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Cautious Fund – a low risk fund for those almost at retirement
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Balanced Fund – a medium risk fund for those starting to approach retirement
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Adventurous Fund – a higher risk fund for those potentially further away from retirement
According to Moneybox, it will introduce two of the funds as a default investment option for pension customers.
Those under 50 will default into the Adventurous Fund, while those over the age of 50 will go into the Balanced Fund.
All three funds have capped ongoing charges at 0.29 per cent per year.
Moneybox will also only charge a service fee of 0.15 per cent, replacing its current platform fee, capped at £150 per year.
Charlie Mortimer, co-founder at Moneybox, said: “Our mission is to give everyone the means to get more out of life – whether they’re saving and investing, buying their first home, or planning for retirement.
“Since 2019, when we became the first investment platform to offer a pension via an app, we have been building the foundations for scalable and innovative retirement solutions.
“These new funds demonstrate how we can bring world-class investment expertise to our customers in a simple, affordable, and effective way.”
alina.khan@ft.com
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