Frequently Asked Questions
What is an AirFunder?
'AirFunder' is our name for our members. We want to help people build some usable pension wealth for all AirFunders.
Why do I need to think about pensions?
Pensions are all about the future. Building pension wealth takes a long time and the earlier someone starts the better. what AirFunders is all about is helping build pension wealth not through saving but through small increments that we can generate on peoples expenditure.
How does AirFunders work?
The expenditure of AirFunders (members), with the retailers from whom we can collect cash back and discounts is recorded and then the members accounts is credited with the contribution that we have received. This is listed in a members 'Contributions' listing as pending. When the funds are invested with our partner fund manager they are marked as invested.
How can I generate contributions towards my AirFund entitlement?
Initially we are launching with the AirFunders Digital Voucher Store. Your purchasing power is 100%. So, for example, if you buy a £50 voucher you will have £50 to spend, but we can collect cash back on your behalf. In time we will be launching other ways to contribute to your AirFunders entitlement.
Why should I add my bank account details?
At the moment we are in our initial set up stage. We have merchants we are speaking to who will allow us to use an 'open banking' interface to engage with AirFunders. this allows us to capture your transactions with participating merchants when you use your bank card to pay when you shop with them. We are not quite at the stage where it is worthwhile adding your bank account, but it will be soon.
How do I pay when I have a voucher?
Using our Digital Voucher Store allows you to buy vouchers with various household names before you make purchases. Your vouchers will be delivered to you by email. It is just like paying with cash. The easiest thing to do is to keep the barcode handy on your phone. so you can easily find it when it is time to pay.
Every merchant is different but for example, at the likes of Sainsbury's or Morrison's all you need to do is redeem a gift card and present your voucher. For the likes of Amazon or Just Eat, add the voucher to your account on line and it will be applied when you pay.
Can I store vouchers in my Digital Wallet?
It is a good idea to store vouchers in a digital wallet. That's what we do! Having a picture of the barcode also can work. A good tool to use is an an app called Pass2UWallet, available on the Appstore or on Android to create vouchers for your digital wallet. We have created an AirFunders template within Pass2UWallet that you can use to add vouchers and store them in your digital wallet.
Can I pay with PayPal?
We do not work with PayPal currently.
What is Open Banking?
'Open Banking' is a new protocol which allows individuals to link their bank card and credit cards to companies that they want to link with in order to benefit from value added services. It is totally secure, approved by all high street banks and regulated by the FCA.
Why should I use 'Banked' at checkout?
We have linked with Banked as it is a new payment method that allows our members to pay direct from their bank account rather than going through a payment processor where large fees are paid. The fees Banked charges are minuscule compared to those charged by payment processors. This means more benefits to you rather than the payment processors.
Where is the money invested?
We will collect contributions from retailers based on your expenditure regularly. Prior to investment, all funds are shown as pending. when they are invested they will be shown as invested.
We will invest funds with our chosen fund management partners and be provided with regular net asset values of the fund which are then apportioned to AirFunders. invested under FCA rules, our chosen fund will invest in a portfolio of companies that make a positive contribution to society and the environment through sustainable and socially responsible practices.
When can I take out my money?
In our launch period, as we create all the required infrastructure, will be in collecting and investing funds. At the end of this launch period, funds will be transferred in to the AirFund proper. Members will be able to transfer their entitlement in to their own personal pension at any time prior to maturity when a member reaches the age of 65.
Will you have double points days with retailers?
As contributions are based on your expenditure with retailers, and will be either payments with vouchers or cash with them, loyalty points and double points with those merchants should be respected.
Do I need to give to charity?
Throughout members time as an AirFunder, they are able to alter their charitable contribution should they wish. When it comes to redeeming an AirFunders entitlement, members will have the option of transferring the funds to their personal pension, donating funds to charity, or nominating another recipient.
What happens to my pot when I die?
We want all members to benefit fully so would encourage members to transfer their funds to their own personal pension regularly. We will seek to bring in a nominate option for members who we are informed of the death of, otherwise funds will remain within the AirFund for the benefit of all members.
Am I allowed to monitor how much money is in my pension fund?
Our member app shows you exactly what contributions have been made on your behalf and what your AirFunders entitlement is. All you have to do is login and you will see lots of different elements including your current entitlement.
Is there a minimum time to sign up for or can you cash out after 2 years and if so what are the risks?
There is no minimum time to be involved but the longer you are involved, and the more you get involved, the more you will benefit. There are no risks really. You build an entitlement through contributions then transfer them to your personal pension or divert somewhere else.
How do I get access to my pension fund, when I need it?
We will be creating a process whereby at regular intervals members can apply to redeem their entitlement into their own personal pension fund, direct it to a nominee or donate to charity. It will take a while to get everything set up and for amounts to grow but members will be informed of how this works.
Can I withdraw any money I have saved from Airfunders or is it locked away until I am eligible for a pension?
You can redeem entitlements to a personal pension fund but not as ready cash. This is designed to be a long terms savings pot so dipping in to it from time to time defeats the purpose.
Is there a 'bank' style card I have to use?
We do not operate with a specific loyalty card. The idea is that you shop in your normal way, either with vouchers or with your debit/credit card and we will record your contributions and add the small amounts to your entitlement as you go.
If I have the receipt from a shop can I use that to help my account if I forget to bring my air fund with me?
Unfortunately we can not operate with receipts unless we have a specific agreement with a particular merchant .If this happens, we will of course let members know.
Is AirFunders an app? It doesn't say anything about the actual product
on the website?
Currently we operate via our website. We may in time develop an App and will
keep you posted should this happen.
I don't understand how I will be saving money, do I have to put money in?
How do I get money into my pension from the airfund?
The process is that we will provide you with ways to get money into your
account when you shop. This is about building up small increments of cash
back and discounts that we can collect in to a fund for you that build up over