Moneybox has partnered with Amundi to launch three new funds for pension customers.
The new funds, available from 8 December, are designed to support customers in growing their money for retirement through a simplified, cost-effective investment solution.
The IFSL Moneybox Cautious Fund is low risk with lower potential returns, designed for those almost at retirement age. The IFSL Moneybox Balanced Fund is medium risk with a similar mix of growth and stability. The firm said it may be suitable for those starting to approach retirement age.
The third fund, the IFSL Moneybox Adventurous Fund, is higher risk with higher potential returns and may be suitable for those further away from retirement age.
As part of the launch, Moneybox will introduce two of the new funds as a default investment option for pension customers. Those under 50 will default into the IFSL Moneybox Adventurous Fund, while those aged 50 and over will default into the IFSL Moneybox Balanced Fund.
All three funds have capped Ongoing Charge Figures at 0.29% per year. In addition, Moneybox will charge a 0.15% service fee, replacing its current platform fee, capped at £150 per year.
The aim of the new multi-asset funds is to deliver a straightforward, “hands-off” experience for customers, removing the need for manual portfolio rebalancing while maintaining a consistent long-term balance of risk and return, the firm said.
Charlie Mortimer, co-founder at Moneybox, said: “Our mission is to give everyone the means to get more out of life – whether they’re saving and investing, buying their first home, or planning for retirement. The launch of the Moneybox funds marks a major milestone in our ambition to become a lifelong wealth partner to millions across the UK.
“Since 2019, when we became the first investment platform to offer a pension via an app, we have been building the foundations for scalable and innovative retirement solutions. These new funds demonstrate how we can bring world-class investment expertise to our customers in a simple, affordable, and effective way.”
Eric Bramoulle, CEO of Amundi UK, added: “Together we can make saving simpler, more accessible and more cost efficient for Moneybox’s customers. This strategic collaboration underscores Amundi’s long-term commitment to the UK market and digital wealth as well as the critical importance we place on delivering better retirement outcomes.”
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