Moneybox Pension review
Best for Young Savers
Mobile-first pension aimed at younger savers. Combine old pensions, auto-contribute from round-ups. Simple risk-level based investing. Free pension tracing.
Overview
Moneybox is a mobile-first pension aimed at younger savers who want to combine old workplace pensions, contribute through round-ups, and manage everything from a beautifully designed app. It also offers an ISA and Lifetime ISA.
Who Is Moneybox Pension Best For?
- Young professionals starting to think about pensions
- People with old workplace pensions — free tracing and consolidation
- Round-up savers — invest spare change automatically
- Those intimidated by pensions — the simplest pension app in the UK
How It Works
- Find old pensions — Moneybox's free tracing service locates forgotten workplace pots
- Combine into one — transfer everything into your Moneybox pension
- Choose your risk level — Cautious, Balanced, or Adventurous
- Contribute automatically — round-ups, weekly top-ups, or manual contributions
- Track in the app — see your projected retirement income
Fee Breakdown
| Fee Type |
Cost |
| Platform fee |
0.45% |
| Fund charges |
0.12-0.20% on top |
| Total cost |
~0.57-0.65% |
| Pension tracing |
Free |
| Transfers in |
Free |
At 0.57-0.65% total, Moneybox is more expensive than Vanguard (0.38% total) but cheaper than PensionBee (0.50-0.95%). You are paying for the app experience, round-up features, and consolidation service.
The Round-Up Feature
Moneybox rounds up your everyday spending to the nearest pound and invests the difference:
- Buy a £2.60 coffee → 40p goes to your pension
- Average user rounds up £20-50/month
- Small amounts compound significantly over decades
Pension Tracing
Moneybox's free pension tracing service is excellent:
- Give them your old employer names
- They search the Pension Tracing Service database
- Found pensions can be transferred into Moneybox
- The entire process is handled within the app
By retirement, the average UK worker has had 11 different employers — potentially 11 different pension pots. Consolidating them gives you a clear picture of your retirement savings and often reduces total fees.
What Moneybox Lacks
- Limited investment choice — three risk levels, no DIY picking
- Higher fees than pure DIY — Vanguard is significantly cheaper
- No individual stocks or funds — managed portfolios only
- Basic for experienced investors — no advanced tools or research
- Drawdown options limited — less mature than HL or AJ Bell for retirement
The Bottom Line
Moneybox is the best pension app for getting started. If pensions feel confusing, Moneybox makes them simple: find old pots, combine them, choose a risk level, and contribute through round-ups. It is not the cheapest option, but it removes the friction that stops most people from engaging with their pension at all — and that alone is worth paying for.
Pros
- Combine old pensions easily
- Round-up contributions
- Simple risk-level portfolios
- Free pension tracing service
- Beautiful mobile app
Cons
- Limited investment choice
- Platform fee 0.45%
- Fund charges on top
- No individual stock picking
- Basic for experienced investors