We simplify pensions by scoring each pension pot you own, so that your pension works as hard as you do.
AgeWage simplifies pensions by scoring them between zero and one hundred. Each score we give is specific to you and is based on what and when you put in compared to what you can take out of your pension account.
Once you've worked out what you've got in your pension account and how well it has done, we'll help you find out more about your pension so you can take decisions for yourself on what to do with the money you've saved.
We give you an easy way of doing this on your phone or PC and we don't charge consumers anything for using this service.
Our intention is to be entirely transparent in our dealings with all our stakeholders - whether our users and customers, pension providers, regulators and investors.
Our management team is characterised by its integrity and experience. We know our market and we understand how information can be gathered and delivered digitally.
We are a compelling proposition for any investor and our aim is to provide an EIS certificate to all investors in this round in 2018-19.
AgeWage was started because Henry Tapper had to spend ten months bringing his pension pots together before organising them to provide him with a wage in retirement.
His problem is the problem of the one million people each year who get to the point where they start wanting their money back! We need a mass- market solution to a general problem
The AgeWage scoring system is already having an impact within the pension industry but we need it to be accepted by the general public. By promoting our scores through the large pension providers, we can get to millions of people's pension pots.
Every time someone clicks on one of their score they engage with information that is unique to them. By repeating the process with multiple pension pots, people can compare how their pensions have done and by following our simple digital pathways , people can take decisions on how to consolidate pots, reinvest their money and most importantly - how to get their money back as an AgeWage!
Substantial accomplishments to date
Since we started in June 2018 , AgeWage has:
1. Been voted best new idea in the BGL partnership awards (2018).
2. Completed its SEIS round of funding - and being substantially oversubscribed.
3. Signed a memorandum of understanding with Royal London as first customer
4. Raised funds towards its second round of funding
5. Chosen for the Direct Support Innovate programme with the FCA
6. We intend to join the FCA Sandbox once our FCA Innovation Programme completes.
In six months we have created a strong and stable management team, with a technology team managed by Ritesh in Bangalore. We have had a number of meetings with the FCA and have developed our business strategy with their oversight.
We have met with over 20 large providers including insurance companies and their IGCs, master trusts and the trustees of large occupational pension schemes. Almost without exception we have met with support for the use of our scores.
We have an agreement with Royal London to enter into B2B arrangements with us.
We are located in WeWork Moorgate.
We have put in place all the infrastructure necessary for developing the business and have done so without recourse to borrowing - boot-strapping from a zero capital base.
There are two sources of income for AgeWage.
The first is from the consumer - what we call "business to consumer" or B2C.
We estimate that each customer of our App will be worth £100 to AgeWage . We define a customer as an app User who takes a decision on our app that results in money changing hands (a transaction).
The three most likely sources of revenue from the consumer come from
1. Transaction fees - effectively lead generation to third parties
2. Product fees - AgeWage is paid from within a product for providing support to the member
2. Adviser fees - a regular stream paid to AgeWage as an adviser (note - this revenue stream will only become live if and when AgeWage becomes a regulated adviser.
The second is from institutions - what we call business to business.
Pension Providers and their fiduciaries who need to show consumers, shareholders and regulators where they are providing value for money and where they are failing. Our scoring helps them understand their VFM.
Use of proceeds
We already have a number of pension providers wanting to use our system.
We apportion the money we will raise into three roughly equal pots.
1. Digital development - interfaces with employers, development of the algorithm behind the score and the user journey and interface.
2. Marketing AgeWage to the general public and those organisations promoting our numbers.
3. Building out the infrastructure to support the development of the product with third parties such as IFAs , Annuity Providers, Drawdown Providers. This will include the potential registration of AgeWage as an entity regulated by the FCA in late 2019.
We expect, post this round, to appoint a new CEO in order to release Henry Tapper to develop the business as Founder. We also expect to appoint a new Chair as Chris Sier becomes a non-executive director.