New Pledge is missing from the contributions menu

Expected:
In the navigation, expected to click on contributions, pledges and then see "New Pledge" (i.e. same behavior as new contribution).

Actual:
To create a new pledge, open the donor record, click pledges and then click new pledge.

When on the new pledge screen, I expected to have the same functionality on the new contribution screen – the ability to search existing contacts or create a new contact.