Terms & Conditions

Money Labs Ltd (trading as “The Pension Lab”) service legal terms (the “Terms”)

The Pension Lab offers electronic services related to your workplace pensions. Our services are limited to a website that can provide a single view of all your pensions, pension forecasting services and a Pension Lab score (the “Services”). These may include written and verbal communication with your pension providers for the purpose of gathering information and with your employer’s human resources department regarding any request you make to change your pension contribution.

Money Labs Ltd. (trading as “The Pension Lab”) does not provide pension, financial, regulatory, legal, tax or investment advice or recommendations, and nothing on our website or in any communications from us should be construed as such.

The Pension Lab provides information for the sole purpose of guiding you to make your own decisions, and therefore does not provide advice or individual recommendations. You must make your own decisions as to whether to contribute additional funds to your pension. Any advice received from third-parties is obtained by you independently of The Pension Lab and will be separate to these Terms and does not form part of any contractual or other legally binding arrangements between you and The Pension Lab. The Pension Lab provides the Services (as defined herein) strictly and exclusively at your direction.

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 Services. Please read these Terms carefully and ensure you understand them and are happy with their content before you proceed to use the Services. 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 Services. If you require any further information on these Terms or the Services please contact us on support@thepensionlab.co.uk.

If you do not agree with these Terms, you should not use the Services.

2. Definitions

Account: your online The Pension Lab account is an online store for your pension information, which can provide you with a consolidated view of all of your pensions, and provides access to the Services.

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

Pension Contribution: The amount that you and your employer pay into your workplace pension each month.

Website: the website operated by The Pension Lab, which may be located on your employer’s website or web portal.

Aggregated View Service: the service provided by The Pension Lab that allows you to electronically aggregate and view your pensions on a single webpage.

Forecasting Service: this service allows you to view a timeline of your pensions showing possible future outcomes, based on the information that you submitted. Should you, having seen this output, choose to change your Pension Contribution, we will process that request by contacting your employer’s human resources department.

The Pension Lab Score: we provide you with a score between 1 to 1,000, which is intended to incentivise you to make better decisions for the future of your pension.

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

1. the Aggregated View Service;
2. the Forecasting Service;
3. the Pension Lab Score;
4. any other service, facility or information that may be added to these Terms from time to time; and
5. any other service, facility, or information, that is provided that is ancillary to any of the items listed above, each of which is accessible through a variety of devices including the Internet.

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 all Services, including when receiving services supplied by our partners. These Terms are applied consistently to all users of the Services.

3.1 When you first create an Account

3.2 For as long as you hold an Account

By opening an Account, you agree to be bound by these Terms to the extent they apply to your use of the Services.

4. The parties

You: You must be aged 18 or over to use the Services. You will be treated as a “Retail” customer under the Financial Conduct Authority rules, which means you benefit from the highest level of investor protections under those rules.

The Pension Lab: Money Labs Ltd (trading as “The Pension Lab”) is incorporated and registered in England, registered office at The Dock, 75 Exploration Drive, Leicester, LE4 5NU (Company Registration No. 10295451) and where referred to in these Terms includes each of its directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities. Money Labs Ltd 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. Money Labs Ltd 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 Money Labs Ltd, who provide you with one or more of the 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.

The Terms will be amended to include any additional services that may be offered from time to time in the future.

You should not seek to use any of the Services without first reading the Terms.

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

5.1 Account opening

Opening an Account with The Pension Lab is free.

Your Account is opened from the moment you complete the signup process. However, initiating the Account opening process does not necessarily mean that you will be able to use the Services.

5.2 Aggregated View Service

We will use the information you provide us to locate your pension information on your behalf. We may ask you to provide personal information including information about your existing pensions, as well as your authorisation to contact your Pension Providers (either in writing or verbally) to obtain information from them. By accepting our Terms 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 Pension Provider and to find your existing pension by contacting the Pension Providers. By asking us to provide an aggregate view of your pensions, you approve our usage of a standard letter of authority, which may contain a copy of your signature.

We take the security of your information seriously. Further details of our information security processes are in our Privacy Policy and below in Section 7.

While we take reasonable measures to ensure the accuracy of the information we provide you, we do not guarantee the accuracy of information provided by third parties. We do not accept liability for any inaccuracies or mistakes by any third party.

You are welcome to contact us with clarification questions. If you would like advice on your pensions, or financial, investment, regulatory, legal, tax or other advice or recommendations, please contact an independent financial adviser.

5.3 The Forecasting Service: this service allows you to view a timeline showing possible future outcomes of your pensions, based on the information that you submitted. This is for information only and should not be construed as advice. The outputs provided are based on the inputs which you make on the Website; ensuring this information is complete and correct is your responsibility. The Pension Lab use third party technology to provide forecasts but cannot guarantee that the outputs will be bourne out in real life. Assumptions use to generate forecasts can be found in our fact sheet.

Should you, having seen your forecast, choose to change your Pension Contribution, we will process that request with your employer’s human resources department.

5.4 The Pension Lab Score: we may provide you with a score between 1 and 1,000, which is intended to incentivise you to make better pension decisions for the future. The score is for information purposes only and should not be construed as advice. Further information on The Pension Lab Score can be found in our fact sheet.

6. Monitoring your account and communicating with us

You acknowledge and agree that the Services are provided exclusively online 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 should contact us immediately.

By using any of the Services you acknowledge and agree that The Pension Lab is unable to guarantee that communication via email are secure and that by using any of the 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).

We cannot guarantee access to your Account at all times or without delay. You acknowledge that the Services may be interrupted and what is available may vary 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 can be obtained by viewing the Data Protection Public Register at https://ico.org.uk/). The Pension Lab takes all reasonable care to prevent unauthorised access to your personal data. We take the protection of your information seriously and how we may use your information is documented in our Privacy Policy.

We may obtain information (including personal data) from you, your Pension Providers and other third parties at various times. 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 current and up-to-date. If you change your email or postal address, it is your responsibility to tell us as promptly as possible.

Also, we may need additional information from you, in which case access to the Services may be delayed until we receive the information or contact you to facilitate the transmission of this information.

Where information in your Account is incomplete or incorrect then we may change the information to make it more complete or correct, but we are not bound to do so. We will only make changes using details you have given us. In the absence of correct and up-to-date details, we shall be entitled to proceed on the basis of the latest personal data we hold for 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.

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

By using the 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.

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 received through your Account 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 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 are responsible for the disclosure of 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 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, unauthorised accessor 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 opening of an Account or utilising any part of the Services, you agree and consent to our monitoring and recording any or all of our interactions with you, including for the purposes of improving our service to you 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 Services has no cost to you as we are remunerated by your employer or pension provider.

9. Leaving The Pension Lab

You can close your Account at any time. Once it’s closed, you will no longer be able to access the information saved in your Account or access any Services.

The Services do not include the retention and delivery of any documentation or records to you after the expiry or closure of 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.

10. Changes to these Terms

We may change these Terms from time to time in whole or in part, without 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 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 non-monetary gifts, sample products, free demonstrations or presentations, hospitality or associated promotional materials from product providers whether in relation to the provision of the Services or otherwise, but these are subject to our conflicts policy and are closely monitored to ensure customer interests are not adversely affected.

12. Complaints

You should contact us promptly if you are dissatisfied with any aspect of the 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 seriously and aim to resolve complaints fairly and promptly.

We hope to resolve 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 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.

Risk declaration

BY PROCEEDING TO OPEN AN ACCOUNT WITH THE PENSION LAB YOU ARE CONFIRMING THAT YOU HAVE READ, UNDERSTOOD AND CONSENTED TO BE BOUND BY THE CONTENTS OF THIS DECLARATION. IF THERE IS ANYTHING THAT YOU DO NOT FULLY UNDERSTAND, YOU SHOULD SPEAK TO THE PENSION LAB, OR SEEK INDEPENDENT ADVICE BEFORE CONTINUING.