Legal & General Retail Retirement (LGRR), a business unit of British insurer Legal & General (L&G), has purchased pension pot tracing and consolidation specialist Finovation.
The takeover of Finovation, which trades under the brand name of MyFutureNow, will enable L&G to provide an in-house pension dashboard service to clients and IFAs.
Using basic personal data and employment details, MyFutureNow enables customers to trace their lost or forgotten pension pots, for example from past employers.
Additionally, the acquired firm uses its pension database and provider knowledge to trace pension pots and provide updated details to customers.
MyFutureNow’s solution can be used either as a tracing service or way of creating a single dashboard view of an individual’s pension savings portfolio.
As a result of the acquisition, L&G will provide MyFutureNow platform to its customers of retirement age who are tracing their various pension pots before making a decision about their retirement income.
Legal & General Retail Retirement Income managing director Emma Byron said: “Making the right financial decisions at the point of retirement is often complicated – and it’s our mission to ensure that we do everything possible to make life simpler for our customers.
“We believe the addition of MyFutureNow’s platform will help us in our mission to support consumers at this critical stage in life.”
Legal & General Retail Retirement CEO Chris Knight said: “At Legal & General we fully support the Government’s Pension Dashboard initiative – but the reality is that it may be years before full coverage is realised.
“Wherever they are in their retirement journey, from beginning to save for retirement to planning retirement income solutions, customers need the tools and guidance to make informed decisions about the most suitable options for their personal circumstances, lifestyle and retirement goals.”
In December last year, reports emerged that L&G was planning to divest its general insurance business, which could fetch the company more than £300m.