Monzo Pension!

Can confirm the post thing!! I just combined 4 pensions in to one… 3 were very easy and done within a week or two. One took nearly 9 months of haggling, back and forth, complaints raised, endless emails and phonecalls, printed documents, documents getting lost in the post. It was possibly the single worst customer experience I’ve ever received. Learnt a lot in the process… for my pensions the biggest difference was if they are part of/use Origo’s Transfer service or not

Both to be honest! I tried to sign up to register and it would not let me! But would also love to have access in the app if I can be approved?!

Hi Lewis. If you can’t see Pensions in the Monzo app right now it’s likely due to some of the eligibility criteria that we’ve launched with. We will be looking at adjusting this in future so keep checking back

Received my invite to sign up today!
I’m currently paying 0.7% fees annually with Pensionbee compared to 0.53% with Monzo given I’m a Max subscriber.

Is there anything else I should be looking at before considering transferring?

Alternatives :wink:

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My reason for holding back (I’ve not been invited yet) is I can’t get my employer to pay into it. Solve that and I may consider it.

There is more to consider than just the fee.

This is something only a financial adviser could really explain in detail. I’m certainly not one of those and wouldn’t give someone pension advice online.

Personally, I’m all in on the S&P500 via Fidelity. It all comes down to risk appetite and your own personal circumstances. Pensions are tricky, the smallest mistake at a young age can cost you 10s of thousands when you reach retirement.

The Monzo offering does look very limited in comparison to other options. It’s certainly not a product I would consider.

I believe there is a free Pensions Advice Service?

Government guidance service: https://maps.org.uk/en#

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I am having nothing but issues transferring my pension to Monzo and I’m really struggling to see the benefit.

My pension was again rejected due to a name mismatch yet both sides have confirmed they are using my full legal name on my account?

Two attempts and counting.

Not sure if this is something you could help with @DaniShipp?

You can pay around 0.11% at vanguard :melting_face:

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You pay even less if you get the Vanguard funds via T212.

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I feel stupid for not checking this - but when will be able to add money to the pensions we’ve transferred to Monzo? That feels like a pretty basic requirement, doesn’t it?

I’ve just hit to button to make a transfer and… it doesn’t exist.

What’s the timeline, please? Anyone know?

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This is Monzo. They consistently ship unfinished and broken products and only finish and fix them whenever they can be bothered, which sometimes is never.

So the timeline is anywhere from soon™️ to never.

This is all Monzo have said about it so far:

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Yes, and it could be really expensive for people who stop making pension contributions whilst they’re waiting for this facility to be added.

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Its ridiculous you can’t add to it from launch . Won’t even entertain opening one till you can

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Could be quite a wait as they’d need to sort out systems to do the tax reclaim from HMRC and related tax statements.