# A lifetime of money management
**URL:** https://community.emma-app.com/t/a-lifetime-of-money-management/4514
**Category:** Fintech Chat
**Created:** [August 6, 2021, 9:21am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514 "2021-08-06T09:21:34Z")
**Posts on this page:** 10
**Page:** 1
### Author:  [@H22Doyle](https://community.emma-app.com/u/H22Doyle)
#### Post date: [August 6, 2021, 9:21am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/1 "2021-08-06T09:21:35Z")
I am really surprised that we don’t yet have a good pension account consolidation app.
In the UK the government has been talking about a Pension Dashboard for years but it has not made any real progress.
As individuals switch jobs more frequently you build up pension pots in multiple companies and I would love an app that would give me a single view of all the various accounts/pots.
I understand that you can do transfers into a single provider but that is not always the right financial approach as you can lose guaranteed benefits.
At a minimum I would like to update the accounts annually when the statements are received and have a consolidated view across providers.
A version that is manually updated can’t be that difficult, sometimes I wish I could code myself. 🙂
Whole life finically planning 🙏
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### Author:  [@rebekah](https://community.emma-app.com/u/rebekah)
#### Post date: [August 6, 2021, 9:26am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/2 "2021-08-06T09:26:08Z")
This is an interesting thought…
So you wouldn’t use a company like PensionBee because you might lose some of your pension benefits?
Have you thought about using Emma to add an [offline account](https://help.emma-app.com/en/article/create-offline-accounts-f4v8c4/) for each of your pensions?
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### Author:  [@H22Doyle](https://community.emma-app.com/u/H22Doyle)
#### Post date: [August 6, 2021, 11:05am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/3 "2021-08-06T11:05:25Z")
In my experience 2 things stop consolidating with providers like nutmeg:
1. Loss of income guarantees from the original policy.
2. Legally you can’t transfer a pot that is over 30k without getting independent financial advice. A financial review by an IFA costs about £1.5K so you need to check on value for money.
I have a few policies that I have created manual accounts for but it really needs a few more fields to get any benefit for pensions.
Minimum fields would be:
Company Name
Policy Number
Maturity Date
Current fund Value
Projected Fund Value (at maturity)
Projected Annual Pension
Last update date
Then you want a output showing:
-Current total value of all funds
-Projected total value of all funds
-Projected Annual Pension
Ultimately you could get good graphics showing a forward timeline. Emma knows what you are spending now so has great AI opportunities to predict a future financial profile. However the basic information will tell you if you are saving enough to support your whole life or if you need to start saving move.
Clearly this is a pet subject of mine so I am going to force myself to stop typing. 🤣
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### Author:  [@rebekah](https://community.emma-app.com/u/rebekah)
#### Post date: [August 6, 2021, 1:23pm UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/4 "2021-08-06T13:23:54Z")
> [@H22Doyle](#):
>
> Clearly this is a pet subject of mine so I am going to force myself to stop typing. 🤣
Haha you’re not alone - we’ve chatted about pensions quite a bit with @plord and @slewis before.
You can see some of their previous suggestions here: [Pensions on the road map](https://community.emma-app.com/t/pensions-on-the-road-map/4347)
I think ultimately there is a lot more we could do with pensions - we’ve got pensions on our long term roadmap so we have a bit of time to figure out exactly what this will look like 😊
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### Author:  [@plord](https://community.emma-app.com/u/plord)
#### Post date: [August 6, 2021, 3:40pm UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/5 "2021-08-06T15:40:35Z")
Maybe, with all the new investment into emma, the “long term” plan could be a bit sooner 🙂
Part of this is to have some semi-automatic way to update a manual balance ( such as read balance from cloud csv file ) for unsupported pension/ISA accounts. We can then create this from statements, check and allow emma to import. Its too hard / error prone to update an account on the phone.
[having just written this, I wonder if manual balances could be scanned in via the camera …]
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### Author:  [@o99](https://community.emma-app.com/u/o99)
#### Post date: [August 6, 2021, 6:22pm UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/6 "2021-08-06T18:22:25Z")
Is Emma planning to be a dashboard provider when the pensions dashboard is launched?
If so, will it be an early adopter?
It seems early adopter testing is scheduled for summer-autumn 2022
> **[Programme timeline | Pensions Dashboards Programme](https://www.pensionsdashboardsprogramme.org.uk/programme-timeline/)**
>
> Published in Spring 2021, the Pensions Dashboards Programme timeline provides additional information about when key milestones will take place. It builds on the indicative phase plan, first published in the October 2020 progress report. The initial...
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### Author:  [@edoardomoreni](https://community.emma-app.com/u/edoardomoreni)
#### Post date: [August 9, 2021, 10:56am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/7 "2021-08-09T10:56:51Z")
> [@o99](#):
>
> Is Emma planning to be a dashboard provider when the pensions dashboard is launched?
Hey @o99, we are not looking at this at all. 😓
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### Author:  [@plord](https://community.emma-app.com/u/plord)
#### Post date: [August 13, 2021, 11:53am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/8 "2021-08-13T11:53:24Z")
Looks like an excellent idea to me.
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### Author:  [@lucianf](https://community.emma-app.com/u/lucianf)
#### Post date: [June 20, 2025, 7:59am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/10 "2025-06-20T07:59:54Z")
Sorry to resurrect an old thread, but noticed this:
> [@H22Doyle](#):
>
> Legally you can’t transfer a pot that is over 30k without getting independent financial advice.
Unless I’m wrong, I think this is incomplete/misleading. In my understanding it’s only transfers of defined benefit pension plans that would be subject to the 30k rule (because benefits would be lost). DB pensions are I believe the exception not the norm, as they’re only offered by select employers (public sector, or very large private ones). Most people should have defined contribution schemes (DC) which are not subject to the 30k limit as there’s no loss of benefits at risk.
Also, [according to Money Helper](https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-benefit-pension), even for DB transfers the IFA rule is not always applicable nor always enforced:
> If you decide to transfer to a new scheme, your scheme administrator or pension provider needs proof you’ve taken regulated financial advice if:
>
> - your pension is worth over £30,000, and
> - you’re transferring to a defined contribution scheme.
>
> But they might still insist you get advice before accepting a transfer, even if your pension is worth less or you’re transferring to a different defined benefit scheme.
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### Author:  [@H22Doyle](https://community.emma-app.com/u/H22Doyle)
#### Post date: [June 20, 2025, 8:54am UTC](https://community.emma-app.com/t/a-lifetime-of-money-management/4514/11 "2025-06-20T08:54:19Z")
My apologies, you are correct, I should have been more specific and stated that it only applies to DB not DC pensions.
Thank you for picking this up as I wouldn’t want to mislead anyone.