Terms & Conditions
Money Labs ltd (The Pension Lab) service legal terms
The Pension Lab offers an electronic service in support of processes operated by
Our services are
limited to a website that provides a single view of all pensions, along with related administration
functions include, where relevant, written and verbal communications with your existing pensions
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
advice or recommendations under these Terms or otherwise and nothing on The Pension Lab Website or
communications from us should be construed as such.
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
that shall be legally binding upon you for use of The Pension Lab Services. Please read these Terms
ensure you understand them and are happy with their contents before you proceed to use The Pension
your own benefit and protection, you should consider whether seeking specialist advice from a
and/or solicitor would be appropriate for you in determining whether to use The Pension Lab Service.
any further information on these Terms or The Pension Lab Service please contact us on
If you do not agree with any of these Terms, you should not use The Pension Lab
In addition to these Terms, you also need to read and ensure you understand the
fact sheets and
disclosure documents for your Smart Pension Plan (as defined herein), should you decide to use The
Consolidation Administration Service.
Account: your online account is set up through the Smart Pension Website and will be
When your Account is set up, you will receive online access to your Account through
Through your Account, you can access The Pension Lab Services.
Pension Providers: Pension providers are commercial organisations that provide
including the management of pension assets.
Existing Pensions: any pension that you hold with a Pension Provider, other than Your
Pension Switch: a transaction is not within the definition of pension transfer, but
involves moving pension
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: the website of Smart Pension, who offer you access to The
The Pension Lab Aggregation Service: the service provided by The Pension Lab that allows you to
your Existing Pensions in order to proceed with The Pension Lab Consolidation Administration
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
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;
- any other service, facility, or information, that is provided that is ancillary to any of the
above in paragraphs (i) through to (v) (inclusive), each of which is accessible through a
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
as “your Smart
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
3. When these terms apply
These Terms apply to any of The Pension Lab Services, including where you are in
our partners in the course of delivering any The Pension Lab Services. These Terms are applied
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
these Terms to
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,
office at The
Exploration Drive, Leicester, LE4 5NU (registered in England, Company Registration No. 10295451) and
to in these Terms includes each of The Pension Lab Ltd’s directors, officers, employees, agents,
authorised representatives and corporate affiliated entities. The Pension Lab and its directors,
employees, agents, advisers, authorised representatives and corporate affiliated entities shall be
enforce these Terms as if each of them were a party to these Terms. The Pension Lab is authorised
the Financial Conduct Authority (FRN: 812251). We may appoint any person (whether connected to The
not) to assist us or perform any or all of our functions or responsibilities under these Terms, but
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
one or more of
Pension Lab Services either individually or as a group unless otherwise specified in these
5. The services this agreement applies to and what you need to know about
These Terms will be amended or supplemented to detail any additional The Pension Lab Services that
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
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
However, initiating the Account opening process does not necessarily mean that you will be able to
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
you to provide information about yourself, including information about your existing pensions, as
authorisations to approach the providers of your Existing Pensions (either in writing or verbally)
obtain relevant information from them. By accepting to use The Pension Lab Aggregation Service you
to use this information (including your personal data and any approved form of your signature) to
your existing pension providers upon their request and to find your existing pension savings by
Pension Providers of your Existing Pensions. By asking us to aggregate your pensions, you approve
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
information you provide to us in our
and below in these Terms at Section 7.
While we will always take reasonable measures to ensure the accuracy of the information that we
unable to guarantee the accuracy of information from third parties provided in relation to your
We do not accept liability for any default or mistakes by any third party who has provided us
pensions or resulting mistakes or inaccuracies.
You are welcome to contact us with clarification questions. We may also point you towards additional
information. If you would like advice on your pensions, financial, regulatory, legal, tax or other
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
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
Pensions, as well as your authorisations to approach the providers of your Existing Pensions (either
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
information (including your personal data and any approved form of your signature) to identify you
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
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
information you provide to us in our
and below in these Terms at Section 7.
When determining the appropriateness to you of combing your pensions into Your Smart Pension Plan,
- the relevant factsheets and other disclosure documents for Your Smart Pension Plan that you are
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
communicate with you directly. The Pension Switch process is conducted under the regulatory
authorisations of Smart Pensions.
The Pension Lab will act in accordance with regulatory requirements at all times, both in relation
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
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
email address is always correct and up to date. If any details are wrong, or if you receive a
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
its or your communications via email are secure and that by agreeing to accept any of The Pension
(i) accept these risks, and (ii) indemnify and hold harmless The Pension Lab from any losses,
you may suffer as a result of any failure of email or online communications as well as any service
faults, as well as interference, interception or breach in transmission (in each case including any
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
to see the current value of your Smart Pension Plan as at the latest valuation point provided by
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
all times or without delay. You acknowledge that The Pension Lab Services may be interrupted and the
available may be variable in certain circumstances. You acknowledge and agree that we will not be
our systems or services are unavailable to you for whatever reason.
If you would like to get in touch, please contact firstname.lastname@example.org
7. How we protect your information and privacy
The Pension Lab is registered as a data controller under UK data protection laws (registration
these companies can be obtained by viewing the Data Protection Public Register at https://ico.org.uk/). The
Lab takes all reasonable care to prevent any unauthorised access to your personal data. We take the
your information very seriously and how we may use your information is documented in our
We may obtain information (including personal data) from you, your existing pension providers and
parties at various times you are accessing any of The Pension Lab Services. Any information you
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
up-to-date. If you change your email or postal address in the future, please tell us as promptly as
We may also need to seek additional information from you, in which case we may delay your access to
Services, in part or whole, until we receive any such additional information or contact you again to
transmission of this information.
Where information in your account is incomplete or incorrect then we may adjust the information to
but we are not bound to do so. We will only make changes using details you have previously given us.
of your providing correct and up to date details, we shall be entitled to proceed on the basis of
personal data we hold in respect of you and you shall indemnify and hold us harmless from any
liabilities arising from our relying upon the latest personal data we hold for you, irrespective of
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
documented in our
By using The Pension Lab Website you agree to the placement of cookies on the device you are using
may collect data about you. Further information on our use of information and cookies is available
We will rely on any communication which we reasonably believe to have been made by you (or on your
entitled to treat instructions validated with by the authentication processes of your Smart Pension
genuine. Where we are unable to validate your instructions for any reason, we will be entitled to
internal security procedures to handle your requests.
When using The Pension Lab Services, it is your responsibility to have secure access to the
We maintain appropriate processes and controls to secure the information we hold about you. You must
any secure information to anyone else. You acknowledge and agree that you shall be responsible for
damages or liabilities you suffer from any disclosure you do make. You are responsible for keeping
data secure. Your personal data outside of The Pension Lab is beyond our control and you (i) accept
(ii) indemnify and hold harmless The Pension Lab from any losses, damages or liabilities you may
of a third party receiving unauthorised access to your personal data (including through identity
subsequently accessing information about you and your The Pension Lab Account or completing
behalf. Where such activities lead to your Account being blocked we will not be liable for any
arise. Where we believe the integrity of our systems could be compromised by a third party receiving
access to your personal data, we reserve the right to block online access to your Account and take
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
You acknowledge and agree that we accept no liability for any damage, liability or loss suffered by
parties resulting from you not having complied with these Terms or your failure to take reasonable
By initiating the process to establish an Account or utilising any The Pension Lab Service, you
our monitoring and recording any or all of our interactions with you, including for the purposes of
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
be deemed to have failed in any duty of privacy, nor be liable for any losses, costs or expenses
from a third party intercepting the communications and we shall not be responsible for the loss of
the cost of replacing them, or for any other loss, cost or expense resulting from delay, or failure
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
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
expiry of your access to your Account in accordance with these Terms and you acknowledge and agree
liable for any damages, losses or liabilities you may suffer for any failure to retain copies of
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
you. We will notify you of material changes to these Terms by sending you the amended Terms by
make the amended Terms available on The Pension Lab Website. Subject to regulatory requirements, we
least 30 days notice of any changes that may be detrimental to you, but small drafting changes may
11. Conflicts of interest
We are determined to treat our customers fairly at all times. We have a policy in place to ensure
and handle conflicts fairly and treat our customers with honesty and integrity at all times. We may
reasonable gifts, sample products, free demonstrations or presentations, hospitality or associated
materials from product providers whether in relation to the provision of The Pension Lab Services or
these are subject to our conflicts policy and are closely managed to ensure customer interests are
You should contact us promptly if you are dissatisfied with any aspect of The Pension Lab
Email: email@example.com \ Write: The
Lab, The Dock, 75 Exploration Drive, Leicester, LE4
Your complaint will be handled in accordance with the Financial Conduct Authority rules. We treat
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
if we fail to do so within eight (8) weeks of receiving your complaint, you can also direct your
Financial Ombudsman Service:
Phone: 0800 023 4567 or 0300 123
\ 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
13. Other legal matters
We will not be liable or responsible for any failure to perform, or delay in performance of, any of
under these Terms that is caused directly or indirectly, and whether wholly or substantially, by any
events that is an Event Beyond Our Control. An “Event Beyond Our Control“ means any act or event
reasonable control, including without limitation strikes, lock-outs or other industrial action by
civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether
threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or
disaster, or failure of public or private telecommunications networks. If an Event Beyond Our
that affects the performance of our obligations under these Terms we will notify you as soon as
practicable and our obligations under these Terms will be suspended and the time for performance of
will be extended for the duration of the Event Beyond Our Control and potentially further. You may
contract if an Event Beyond Our Control takes place and you no longer wish us to provide to you
These Terms, and any dispute, controversy, proceedings or claim of whatever nature arising out of or
relating to these Terms or their formation (including any non-contractual disputes or claims) shall
and construed in accordance with English law and you agree to submit to the exclusive jurisdiction
Courts. We will communicate with each other exclusively in English.