Blog

Do you find pensions scary?

Watch this video to find out more about how AgeWage can help you understand your pensions better!

Advertisements

AgeWage management team in place

agewage team.png
Henry, Chris and Ritesh

 

We’ve been working together a few months now. Ritesh is our CTO, runs the tech team in Bangalore and breathes life into older limbs beside him!

Chris is  the man who chaired the FCA’s Institutional Disclosure Working Group.

Henry is the Pension Plowman and the man behind the idea for AgeWage.

Andy  is our designer

andy walker.jpg

Margaret is our fund raising campaign manager

margaret de valois

Olly is chief fun officer

olly

 

There are a whole load of people helping us out

We’ve got to thank Michelle, Con, John Q, John M, Stella, Julius, Oliver P and Sandy T!

If you want to know about them, they’ll all be featured in future posts

 

 

 

 

Do you want us to road-test your pension?

 

road test

 

One million people retire in this country each year. Most can look forward to the state pension , a few are lucky enough to have a company pension which will last as long as they do.

But most people get to retirement with some savings in a pension pot and not so much as an instruction manual as to what to do next.

We have started AgeWage for the 94% of people not taking advice, the 6% who do may find it useful as well.


 

Road-test your pension

If you get out of your car at the end of a long journey you can expect to get some details of your journey – how long it’s taken, average speed and fuel economy, how far you’ve driven.

Modern cars can tell you all this at the flick of a button.

But people arriving at retirement get nothing. Many don’t even get a statement from the people who have their money – who’ve lost touch with them. Those who get a statement often lose the will to live – it’s so damned hard.

AgeWage gives you one piece of information , a single number – which tells you out of 100 – how your pension saving has gone. If you’ve saved effeciently your score will be over 50 , if you haven’t then your score will be below 50.

We are trialling right now, if you’d like us to road test your pension , contact henry@agewage.com and we’ll be in touch

Welcome to AgeWage

age-wage

 

If you’re used to reading the Vision of the Pension Plowman, you’ll know me- Henry Tapper. I’ve posted more than 3500 times in the last ten years.

That blog’s for pension people, but most people aren’t going to spend their time reading about pension stuff – unless it’s really meaningful to them and their finances.

So – to cut to the chase, I’ve started a new venture aimed at simplifying pensions. I’ve called it AgeWage, because that – in one word – is what a pension is – a wage in retirement that lasts as long as you do!

At the heart of AgeWage is a reckoning called the AgeWage score. It’s a single number between 1 and 100 we give to your pension pot to tell you the value you’ve got for the money you’ve paid in.

To get to the AgeWage score we need what’s called a “contribution history”. That’s a file of all the contributions you’ve ever made and what they bought at the time. If we compare your contributions and what they bought with the value of your pension pot today, we can see how much your contributions have increased by – we call this the internal rate of return (IRR).

We compare the AgeWage score with another fund – we call that other fund the benchmark fund- it’s one we’ve made up. What we actually do is to notionally invest your contributions into the benchmark fund and see what you would have got if you’d invested there instead.

Another word for the benchmark score is the “fifty score” , because the benchmark is supposed to be the average and fifty is the average between 1 and 100! If when we compare the IRR if you invested in the benchmark or fifty score, and it’s higher than what you got, you’ve not done as well as average, the opposite is also true.

agewage evolve 2
An AgeWage score in action

This is what we mean by simplifying pensions. We think the first thing you want to know about your pension pot is how it’s doing and that’s what the AgeWage score does. It doesn’t hang about!