Moneybox has launched a pension drawdown service allowing Personal Pension customers to make flexible withdrawals during retirement while maintaining investment positions on remaining balances. The wealth management platform announced the feature today, expanding its retirement product suite beyond accumulation-only services.
The new capability enables retirees to access their pension funds without requiring full liquidation, giving them control over withdrawal timing and amounts while potential growth continues on uninvested portions. This positions Moneybox to compete more directly with traditional pension providers and established platforms already offering decumulation services.
The move signals Moneybox’s evolution from a millennial-focused savings app into a full-lifecycle wealth manager capable of serving customers from initial contributions through retirement. For the broader fintech pensions market, this represents continued pressure on legacy providers as digital platforms add sophisticated retirement income features previously exclusive to traditional financial institutions.
FXnCO Insight
Wealth management fintech platforms offering complete pension lifecycle services may capture greater customer lifetime value and increase competitive pressure on incumbents who have historically dominated the retirement drawdown market.
Source: Finextra