MyTime is a UK‑based platform that lets people aged 55+ consolidate their defined‑contribution pension pots, claim up to 25% tax‑free cash, and invest the remainder to generate a flexible, inflation‑adjusted monthly retirement income. Users create an account, select an income strategy, transfer their pensions, and MyTime handles the investment, tax deductions and automatic payouts, providing a simple alternative to traditional financial advice.
Funding
Funding not disclosed
Founders
Product
Problem
UK retirees with defined‑contribution pensions often hold multiple small pots, face complex tax rules for cash withdrawals, and lack flexible options for turning their savings into an inflation‑adjusted income without being locked into a traditional annuity.
Solution
MyTime offers a digital platform that consolidates eligible DC pension pots, automatically extracts the statutory 25 % tax‑free cash allowance, and invests the remaining balance according to the user‑selected strategy. Customers can choose a growth‑oriented portfolio or a high‑income plan, then set up a regular, inflation‑linked monthly payout that is automatically taxed and transferred. The service provides a self‑service interface for account creation, plan selection, pension transfers, and income adjustments, delivering a more adaptable alternative to fixed annuities.
Target Audience
MyTime is aimed at UK residents aged 55 + with at least £30,000 in DC pension savings who want a simple, flexible way to access cash and generate a regular retirement income.
Features
- End‑to‑end digital onboarding with identity verification and eligibility checks
- Automated consolidation of defined‑contribution pensions from personal pensions, SIPPs, GPPs and master trusts
- Automatic calculation and disbursement of up to 25 % tax‑free cash upon each transfer
- Choice of investment strategies (growth or high‑income) with ongoing portfolio management
- Inflation‑adjusted monthly income scheduling, including automatic tax deductions
- Flexible income adjustments and reallocation of remaining assets on demand
- Transparent fee disclosure before any transaction is executed