Moneyhub has integrated PensionBee API, allowing users to get up-to-the-minute information on pension funds.
This system will enable users to get live pension valuations within the platform and keep track of multiple pots built up over the years, alongside other savings and investment accounts. This will include mortgages, current accounts and credit cards.
Moneyhub says this API integration will mean that users can have full visibility and manage a whole range investments, providing control and supporting financial wellbeing.
It will also benefit enterprises, intermediaries and advisers who can use use Moneyhub to gain insights and focus on the most valuable guidance and propositions for clients.
For example, if an adviser is given access to their clients’ Moneyhub data, they can view real time transactions to understand financial behaviour and total asset wealth including pensions, savings and investments.
Moneyhub chief executive Samantha Seaton says: ““Pension savers have been some of the most poorly served by the financial services industry when it comes to having tools to keep track of, let alone manage, funds.
“Our integration with PensionBee is an example of how technology can deliver ‘frictionless finance’ by empowering people to see and manage their money from one single platform.
“This has never been more important when millions of people are not saving enough for retirement, while others are losing track of pension pots built up over the years entirely.”
Recent research has shown there is almost £20 billion in unclaimed pensions. Moneyhub says this equates to 1.6 million people, missing out on £13,000 each.
PensionBee head of corporate development Clare Reilly says: ““It’s essential that pension balances are included in the technological revolution that’s taking place for consumers in financial services, with apps like Moneyhub.
“Your pension balance isn’t an abstract pot of money disconnected from the rest of your financial universe, it should be there front and centre when you consider your complete financial health.”
Through the API integration, users of PensionBee will also have access to Moneyhub’s proprietary categorisation engine and smart nudges. This helps users understand and track their day-to-day spending with insights that power personalised guidance on how to take positive action with money – whether saving, investing, mortgage management or avoiding bank charges.
