Pensions firm Penfold is on a mission to help customers easily see where their money goes as its research reveals more than two thirds of consumers don’t know where their pension is invested.
Sixty-seven per cent are unsure where their pensions funds are invested. But they are keen to have their say on where they would like to see their money invested.
Twenty per cent would like to see their pensions invested in renewable energy. While a further 20 per cent would invest in health care. The science and pharmaceuticals industry also ranks favourably – 16 per cent would like to see their pension invested in this area.
Sixteen per cent of consumers would like to see their pensions invested in the charity and voluntary sector.
Penfold has launched the ‘Have Your Say Dashboard’ on its app to lets savers see exactly where their pension is invested. The dashboard, powered by fintech firm Tumelo, also shows which businesses have annual general meetings coming up and what is being discussed. Fund managers submit the legal vote on behalf of savers and report the final outcome through the dashboard.
Georgia Stewart, co-founder & CEO of Tumelo said: “It’s no longer just a matter of financial returns – people are starting to understand that their investments can be a powerful force for good and that their investments should give them a say on key issues such as climate change, gender equality and human rights.”
While Chris Eastwood, co-founder of Penfold, added: “It’s our mission to simplify the pensions industry – this means being transparent. We want our customers to easily see exactly where their money is invested. The fact that people want to see their money invested in renewable energy and the charity sector shows that people care about where their money is invested – but they can’t always easily find this information.
“Your pension isn’t just an opportunity to save for the future – it offers you the chance to own a tiny share of big companies around the world and have a say on what is happening within these businesses.”
The digital pension provider recently secured more than £3million through its equity crowdfunding campaign on Crowdcube. It also closed a £6million investment round led by Bridford Investments Limited.