What is a Monzo Pension and how does it work?
With a Monzo Pension you’ll be able to combine your old workplace and personal pensions into one place. Once we’ve combined them, your old pensions will be all together, in a Monzo Pension, which is a self-invested personal pension (SIPP), a type of personal pension.
With a Monzo Pension you’re able to:
find lost pension(s)
combine your pensions into one by transferring your old pension(s) into your Monzo pension
keep investing in your future (coming shortly) 🚀
We’ve teamed up with BlackRock, one of the world’s largest fund managers, to provide the funds you’ll invest in.
Your pension will invest in a ‘Target Date Fund’ (TDF) which focuses on growing your money when you’re young and protecting it as you near retirement. All you’ll need to do is let us know at what age you’re aiming to retire.
You’ll pay 0.63% of your pension value in fees annually (that’s a 0.45% platform fee and 0.18% fund fee). Your fees accrue daily, and are charged monthly. Plus, Premium, Perks or Max customer? Then you’ll pay a lower platform fee of 0.35%.
Monzo Pensions are only available for our customers between 18-70 and who already have an open Monzo Current Account. You’ll also need to be a UK resident.
*The value of your pension could go up or down and you could get back less than you put in.
