Terms & Conditions

Money Labs ltd (The Pension Lab) service legal terms

The Pension Lab offers an electronic service in support of processes operated by Smart Pension. Our services are limited to a website that provides a single view of all pensions, along with related administration functions. These functions include, where relevant, written and verbal communications with your existing pensions providers for the purposes of gathering information and completion of transfer forms on behalf of Smart Pension.

Money Labs Ltd. (The Pension Lab) does not provide pensions, financial, regulatory, legal, tax or other investment advice or recommendations under these Terms or otherwise and nothing on The Pension Lab Website or in any communications from us should be construed as such.

1. Introduction

The Pension Lab Services are offered strictly on the basis of these Terms.

These Terms are an important document upon which we intend to rely and sets out key contractual terms and conditions that shall be legally binding upon you for use of The Pension Lab Services. Please read these Terms carefully and ensure you understand them and are happy with their contents before you proceed to use The Pension Lab Service. For your own benefit and protection, you should consider whether seeking specialist advice from a financial adviser and/or solicitor would be appropriate for you in determining whether to use The Pension Lab Service. If you require any further information on these Terms or The Pension Lab Service please contact us on support@thepensionlab.co.uk.

If you do not agree with any of these Terms, you should not use The Pension Lab Service.

In addition to these Terms, you also need to read and ensure you understand the relevant Terms, fact sheets and disclosure documents for your Smart Pension Plan (as defined herein), should you decide to use The Pension Lab Consolidation Administration Service.

2. Definitions

Account: your online account is set up through the Smart Pension Website and will be generated automatically upon your approval.

When your Account is set up, you will receive online access to your Account through the Smart Pension Website. Through your Account, you can access The Pension Lab Services.

Pension Providers: Pension providers are commercial organisations that provide pension arrangements and services, including the management of pension assets.

Existing Pensions: any pension that you hold with a Pension Provider, other than Your Smart Pension Plan.

Pension Switch: a transaction is not within the definition of pension transfer, but involves moving pension benefits from one scheme to another scheme of the same type.

The Pension Lab Website: the website operated by The Pension Lab, located via your Smart Pension Website.

Smart Pension Website: the website of Smart Pension, who offer you access to The Pension Lab Services. The Pension Lab Aggregation Service: the service provided by The Pension Lab that allows you to electronically view your Existing Pensions in order to proceed with The Pension Lab Consolidation Administration Service.

The Pension Lab Consolidation Administration Service: the service is limited to obtaining information from a previous pension provider with the view to update your online account and the completion of the Smart Pensions transfer application form, with a view to combining some or all of your Existing Pensions into your Smart Pension Plan. This is a purely administrative function. You will be bound by the pension switching terms of Smart Pension and Smart Pension will conduct all processing in relation to the Pension Switch.

The Pension Lab Services: all of the services offered on or via The Pension Lab Website, however accessed, including, without limitation:

  • the Account;
  • The Pension Lab Website;
  • The Pension Lab Aggregation Service;
  • The Pension Lab Consolidation Administration Service;
  • any other service, facility, or information, that may be added to these Terms from time to time; and
  • any other service, facility, or information, that is provided that is ancillary to any of the items listed above in paragraphs (i) through to (v) (inclusive), each of which is accessible through a variety of devices including the Internet.

Smart Pension Plans: the pension plan that you currently hold with Smart Pension.

In these Terms, the Plan you choose to combine your existing pensions with is referred to as “your Smart Pension Plan“.

Terms: these terms and conditions, as amended or restated, from time to time.

Working Day: any day on which banks are generally open for business, except a Saturday or Sunday.

3. When these terms apply

These Terms apply to any of The Pension Lab Services, including where you are in receipt of any services supplied by our partners in the course of delivering any The Pension Lab Services. These Terms are applied consistently to all customers engaging with The Pension Lab Services.

3.1 When you first Open The Pension Lab Account

By agreeing to open an Account on your Smart Pension Website, you are agreeing to be bound by these Terms to the extent they apply to your use of The Pension Lab Services.

4. The parties

You: You must be aged 18 or over to use any of The Pension Lab Services.

The Pension Lab: Money Labs Ltd, a company incorporated and registered in England, registered office at The Dock, 75 Exploration Drive, Leicester, LE4 5NU (registered in England, Company Registration No. 10295451) and where referred to in these Terms includes each of The Pension Lab Ltd’s directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities. The Pension Lab and its directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities shall be entitled to enforce these Terms as if each of them were a party to these Terms. The Pension Lab is authorised and regulated by the Financial Conduct Authority (FRN: 812251). We may appoint any person (whether connected to The Pension Lab or not) to assist us or perform any or all of our functions or responsibilities under these Terms, but only if this does not offer you a poorer service and if your rights are not prejudiced by the assignment.

In this agreement, “we” and “us” will be taken to mean The Pension Lab, who provide you with one or more of The Pension Lab Services either individually or as a group unless otherwise specified in these Terms.

5. The services this agreement applies to and what you need to know about them.

These Terms will be amended or supplemented to detail any additional The Pension Lab Services that are offered from time to time in the future.

You should not seek to utilise any of The Pension Lab Services without first reading these Terms.

We reserve the right, in our absolute discretion, to refuse to deliver any one or more The Pension Lab Services to you.

5.1 Account opening

Opening an Account with The Pension Lab is free.

Your Account is opened from the moment you approve the Account being opened on the Smart Pension Website.

However, initiating the Account opening process does not necessarily mean that you will be able to use any of the other The Pension Lab Services.

5.2 Pension Aggregation Service

We will use the information you provide us to locate your existing pension information on your behalf. We may ask you to provide information about yourself, including information about your existing pensions, as well as your authorisations to approach the providers of your Existing Pensions (either in writing or verbally) in your place to obtain relevant information from them. By accepting to use The Pension Lab Aggregation Service you agree to allow us to use this information (including your personal data and any approved form of your signature) to identify you to your existing pension providers upon their request and to find your existing pension savings by contacting the Pension Providers of your Existing Pensions. By asking us to aggregate your pensions, you approve our usage of a standard letter of authority, which may contain an electronic copy of your signature.

We take the security of your information very seriously. See further details of our security processes for information you provide to us in our Privacy Policy here and below in these Terms at Section 7.

While we will always take reasonable measures to ensure the accuracy of the information that we provide you, we are unable to guarantee the accuracy of information from third parties provided in relation to your existing pensions. We do not accept liability for any default or mistakes by any third party who has provided us information about your pensions or resulting mistakes or inaccuracies.

You are welcome to contact us with clarification questions. We may also point you towards additional sources of information. If you would like advice on your pensions, financial, regulatory, legal, tax or other investment advice or recommendations, please contact an independent financial adviser.

5.3 Pension Consolidation Administration Service

We provide a service limited to the completion of forms required by your Smart Pension, in order that they can conduct a Pension Switch of your Existing Pensions into Your Smart Pension Plan.

This may include asking you to provide information about yourself, including information about your Existing Pensions, as well as your authorisations to approach the providers of your Existing Pensions (either in writing or verbally) in your place to obtain relevant information from them.

By accepting to use The Pension Lab Consolidation Administration Service you agree to allow us to use this information (including your personal data and any approved form of your signature) to identify you to your existing Pension Providers and Smart Pension upon their request.

By asking us to complete your Smart Pension switch application form, you approve that we can apply your personal information to that form, including an electronic copy of your signature.

We take the security of your information very seriously. See further details of our security processes for information you provide to us in our Privacy Policy here and below in these Terms at Section 7.

When determining the appropriateness to you of combing your pensions into Your Smart Pension Plan, you should review and consider:

  • the relevant factsheets and other disclosure documents for Your Smart Pension Plan that you are considering combining your Existing Pensions with, including disclosures on transaction costs; and
  • your Smart Pension Terms.

All processes regarding eligibility of Pension Switches and exit fees will be handled by Smart Pensions, who will communicate with you directly. The Pension Switch process is conducted under the regulatory permissions and authorisations of Smart Pensions.

The Pension Lab will act in accordance with regulatory requirements at all times, both in relation to the regulatory processes of Smart Pensions, and our own authorisations.

6. Monitoring your account and communicating with us

You acknowledge and agree that The Pension Lab Services are provided exclusively as online services and therefore we will deliver most of our communications with you over the Internet, including via email.

Our email messages may contain personal information about you and your pensions, so you should ensure that your email address is always correct and up to date. If any details are wrong, or if you receive a confirmation notice you do not recognise, you must contact us immediately.

By using any of The Pension Lab Services you acknowledge and agree that The Pension Lab is unable to guarantee that its or your communications via email are secure and that by agreeing to accept any of The Pension Lab Services you (i) accept these risks, and (ii) indemnify and hold harmless The Pension Lab from any losses, damages or liabilities you may suffer as a result of any failure of email or online communications as well as any service interruptions or faults, as well as interference, interception or breach in transmission (in each case including any security breach resulting in the release of your personal data).

You will usually be able to access your Account through the Smart Pension Website at any time. This will allow you to see the current value of your Smart Pension Plan as at the latest valuation point provided by your Smart Pension and valuations of any Existing Pensions at the latest valuation date available to us.

We make every effort to be available to you, but cannot guarantee that access to your Account will be available at all times or without delay. You acknowledge that The Pension Lab Services may be interrupted and the services available may be variable in certain circumstances. You acknowledge and agree that we will not be liable to you if our systems or services are unavailable to you for whatever reason.

If you would like to get in touch, please contact support@thepensionlab.co.uk

7. How we protect your information and privacy

The Pension Lab is registered as a data controller under UK data protection laws (registration details of each of these companies can be obtained by viewing the Data Protection Public Register at https://ico.org.uk/). The Pension Lab takes all reasonable care to prevent any unauthorised access to your personal data. We take the protection of your information very seriously and how we may use your information is documented in our Privacy Policy here.

We may obtain information (including personal data) from you, your existing pension providers and other third parties at various times you are accessing any of The Pension Lab Services. Any information you provide may be used to update an existing record we hold with respect to you.

You accept that it is your responsibility to ensure that the contact details we have for you are active and up-to-date. If you change your email or postal address in the future, please tell us as promptly as possible.

We may also need to seek additional information from you, in which case we may delay your access to The Pension Lab Services, in part or whole, until we receive any such additional information or contact you again to facilitate the transmission of this information.

Where information in your account is incomplete or incorrect then we may adjust the information to make it valid, but we are not bound to do so. We will only make changes using details you have previously given us. In the absence of your providing correct and up to date details, we shall be entitled to proceed on the basis of the latest personal data we hold in respect of you and you shall indemnify and hold us harmless from any losses, damages or liabilities arising from our relying upon the latest personal data we hold for you, irrespective of its source.

In order to use the electronic pension addition feature of The Pension Lab website and via a secure web page, you will be invited to electronically authenticate access to your information, using the log-in details for your Pension Providers. This is so that we can access information from your Existing Pensions. Please be aware that this web page is operated by a third-party supplier, Yodlee Inc (yodlee.com), and as such The Pension Lab will never have access to any of the information that you provide to Yodlee Inc. You should check, before entering any details on to the Yodlee system, whether providing these is in breach of the terms and conditions of the Pension Provider concerned. If there is any reason to believe that this may be the case, there are alternative routes available, in order that you may add the pension. These include permitting us to write to the provider using a Letter of Authority, or simply adding a manual value on the site.

The Pension Lab have the right to share any information provided by you or on your behalf with third parties as documented in our Privacy Policy here.

By using The Pension Lab Website you agree to the placement of cookies on the device you are using and accept how we may collect data about you. Further information on our use of information and cookies is available in our Privacy Policy here.

We will rely on any communication which we reasonably believe to have been made by you (or on your behalf). We are entitled to treat instructions validated with by the authentication processes of your Smart Pension Website as genuine. Where we are unable to validate your instructions for any reason, we will be entitled to follow our internal security procedures to handle your requests.

When using The Pension Lab Services, it is your responsibility to have secure access to the Internet.

We maintain appropriate processes and controls to secure the information we hold about you. You must not disclose any secure information to anyone else. You acknowledge and agree that you shall be responsible for any losses, damages or liabilities you suffer from any disclosure you do make. You are responsible for keeping your personal data secure. Your personal data outside of The Pension Lab is beyond our control and you (i) accept these risks, and (ii) indemnify and hold harmless The Pension Lab from any losses, damages or liabilities you may suffer as a result of a third party receiving unauthorised access to your personal data (including through identity theft) and subsequently accessing information about you and your The Pension Lab Account or completing transactions on your behalf. Where such activities lead to your Account being blocked we will not be liable for any losses that could arise. Where we believe the integrity of our systems could be compromised by a third party receiving unauthorised access to your personal data, we reserve the right to block online access to your Account and take such other reasonable action as may be necessary to protect us or you.

You must report any information loss, suspected theft or misuse of your Account to us as soon as possible by emailing support@thepensionlab.co.uk.

You acknowledge and agree that we accept no liability for any damage, liability or loss suffered by you or any third parties resulting from you not having complied with these Terms or your failure to take reasonable security precautions.

By initiating the process to establish an Account or utilising any The Pension Lab Service, you agree and consent to our monitoring and recording any or all of our interactions with you, including for the purposes of improving The Pension Lab Services or meeting any of our regulatory requirements.

Provided that we send you correspondence to the email address and/or postal address you have provided, we will not be deemed to have failed in any duty of privacy, nor be liable for any losses, costs or expenses which may arise from a third party intercepting the communications and we shall not be responsible for the loss of any documents, or the cost of replacing them, or for any other loss, cost or expense resulting from delay, or failure of delivery of, any communication we send or receive in such manner.

8. Our fees

Using The Pension Lab Service has no direct cost to you as we are remunerated by Smart Pensions.

9. Leaving The Pension Lab

You can close your account at any time. Once your online Account access has been stopped, you will no longer be able to access the information saved in your Account or access any other The Pension Lab Services.

The Pension Lab Services do not include the retention and delivery of any documentation or records to you after the expiry of your access to your Account in accordance with these Terms and you acknowledge and agree that we are not liable for any damages, losses or liabilities you may suffer for any failure to retain copies of relevant records after the expiry of your access to your Account.

Please note that after any termination of your The Pension Lab account (whether by you or us) we may retain information about you as required by law, or for legitimate business purposes to the extent permitted by law. For instance, if we believe you have committed fraud or violated our Terms, we may seek to resolve the issue before deleting your information.

10. Changes to these terms

We may change these Terms, including our fees, from time to time in whole or in part, without further consent from you. We will notify you of material changes to these Terms by sending you the amended Terms by email. We will also make the amended Terms available on The Pension Lab Website. Subject to regulatory requirements, we will give you at least 30 days notice of any changes that may be detrimental to you, but small drafting changes may be implemented immediately.

11. Conflicts of interest

We are determined to treat our customers fairly at all times. We have a policy in place to ensure that we identify and handle conflicts fairly and treat our customers with honesty and integrity at all times. We may receive reasonable gifts, sample products, free demonstrations or presentations, hospitality or associated promotional materials from product providers whether in relation to the provision of The Pension Lab Services or otherwise, but these are subject to our conflicts policy and are closely managed to ensure customer interests are not adversely affected.

12. Complaints

You should contact us promptly if you are dissatisfied with any aspect of The Pension Lab Services. Email: support@thepensionlab.co.uk \ Write: The Pension Lab, The Dock, 75 Exploration Drive, Leicester, LE4 5NU

Your complaint will be handled in accordance with the Financial Conduct Authority rules. We treat every complaint very seriously and aim to resolve each complaint fairly and promptly.

We hope to resolve all complaints amicably. However, should we fail to resolve a complaint to your satisfaction or if we fail to do so within eight (8) weeks of receiving your complaint, you can also direct your complaint to the Financial Ombudsman Service:

Phone: 0800 023 4567 or 0300 123 9123 \ Email: complaint.info@financial-ombudsman.org.uk \ Write: Financial Ombudsman Service, Exchange Tower, London E14 9SR

You may also find it useful to use the Online Dispute Resolution platform to help settle your dispute.

13. Other legal matters

We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Terms that is caused directly or indirectly, and whether wholly or substantially, by any one or more events that is an Event Beyond Our Control. An “Event Beyond Our Control“ means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks. If an Event Beyond Our Control takes place that affects the performance of our obligations under these Terms we will notify you as soon as reasonably practicable and our obligations under these Terms will be suspended and the time for performance of our obligations will be extended for the duration of the Event Beyond Our Control and potentially further. You may cancel the contract if an Event Beyond Our Control takes place and you no longer wish us to provide to you The Pension Lab Services.

These Terms, and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to these Terms or their formation (including any non-contractual disputes or claims) shall be governed by and construed in accordance with English law and you agree to submit to the exclusive jurisdiction of the English Courts. We will communicate with each other exclusively in English.