and we want you to join us.
SAVING FOR YOUR FUTURE WITHOUT YOU ACTUALLY HAVING TO SAVE.
We will do it for you for free.
What we stand for:
Consumer Loyalty that rewards customers in a socially responsible way
Confronting 'The pension gap' head on
Addressing 'The poverty premium'
Helping people build additional pension savings
How we work for you:
We create a 'Fund' for you from fresh 'Air'.
Add your bank account to your profile and spend as normal
We will find you micro-contributions for you to put towards your pension saving
Why it's important:
Many people are unable to save enough for retirement
Auto enrolment does not save enough for a comfortable retirement
Starting to save more, earlier creates enormous benefits
WHAT WE DO
We utilise open banking technology to help members build long term savings. By working with brands that care for their customers, we find 'micro-contributions' from our members day to day expenditure based on discounts and offers we can agree.
Simply by linking a bank account in a highly regulated, encrypted environment, individuals can reap the benefits of this new technology that puts the power in the hands of consumers rather than the banks.
We have created a process and system that allows us to automatically find these ‘micro-contributions’ as we call them, add them to your account and then invest for the long term. Funds can then be transferred to your personal pension when you wish with the added tax relief.
For us it is about everyone working together as a community. Everybody benefits but they are also helping those less fortunate than themselves.
Register as a member
Link your bank account
Spend normally with your bank card
Look out for AirFunding opportunities
See micro-contributions added to your account
WHAT IS THE PENSION GAP?
The pension gap is the difference between the amount that a person is saving and the amount that someone will need to enjoy a retirement with a similar income to their current income levels.
We are an ageing population, and it is therefore possible that people could run out of money during retirement. Current autoenrollment levels of 8% are well below the figures of 12-15% of income that financial experts suggest.
The state pension will not be sufficient and with a growing number of individuals renting in retirement more income is needed. This is part of the growing inequality in our society
Nest is the government sponsored workplace pension provider set up to ensure that all employers have the ability to offer auto enrolment to their employees.
Nest has 9.5m members saving with them. In their recent ‘Retirement saving in the UK 2020’ report, they detail that their typical member is 40 years old with a gross income of £19,000 per annum.
Through auto enrolment, this means that this member will be saving £126.67 a month into their pension savings. After 25 years, this member could expect to have built up £76,000 assuming a 5% growth rate.
By becoming an AirFunder and building extra entitlement for free of, perhaps £30 a month, the fund this member could be £94,000 with the impact of extra funds being added.
WHAT IS THE POVERTY PREMIUM?
The poverty premium is a hidden form of discrimination that is the extra amount that it costs someone to live, simply because they are poor.
There are extra costs attached to lots of things that people take for granted for those that do not have financial resilience and are therefore excluded from the financial benefits of wealth.
There are many examples of how this plays out such as prepayment meters for gas and electricity and the higher costs of borrowing linked to an individual’s credit score.
Recent research from the University of Bristol suggests that it costs low income households an extra £490 to £780 a year to live, simply because they are poor.
If you are a prisoner to every penny then retirement savings are the last thing on your mind.
LAUNCH INNOVATION LAB
Member of the Lloyd's Banking Group 2021 exploration phase cohort