The idea for Pension the Pennies came when CEO Neil Abraham realised that a private pension is a luxury that not everyone can afford. It is out of reach for so many people such as non-working mothers or employees on zero hours contracts. Neil decided that these individuals should be able to plan for their future and enjoy their retirement, but the cost of setting up a private pension, means the point of entry would be too high and therefore out of reach for most.
The solution was Pension the Pennies. An app that allows anyone to build a pension, giving you full real time control over what you can afford to put away. The app links up with your bank card and every time you make a card purchase it would round up, the added amount is added to your pension. If you buy a coffee every day for £3.25 you can choose to put the 75p or £2.75 into your pensions. Meaning you would be putting into your pensions £5.25 a week and £252 a year on one small daily transaction. You have control to round up to 50p, £1, £5 or a custom amount and can freeze the round ups at any time, deciding when you can afford to continue adding. But unlike other saving apps, this is a pension, so you cannot retrieve the money until you‘re 55 years old.
This is aimed at ensuring that those who do not have a regular pension sacrifice in their workplace can still have a comfortable life when they retire. For those who already have a pension, it can also work as a top up to your current one. The earlier you start, the more you’ll have.
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