Combine, save for your future, and withdraw online. Take control of your retirement and join 223,000 customers saving with PensionBee.
Your pension is your retirement savings, and if you’ve had multiple jobs, you might have several pension pots. But pension providers often send complicated paperwork with hidden fees, making it hard to track your savings.
With PensionBee, you can conveniently manage your pension through an online account and save for your future. You can view your current pot size, and estimated retirement income, and set up regular or one-time contributions. Your personal BeeKeeper is always available to assist you with any queries, and our pension calculator can assess whether you’re on track to achieve your retirement goals. PensionBee’s sole purpose is to simplify pension management for you.
What does PensionBee do?
PensionBee is an online platform that helps you combine and transfer your old pensions into a new plan managed by some of the world’s largest money managers.
If you are unsure about the location of your old pensions, you can either contact your previous employer or use the government’s Pension Tracing Service for free. Once you have transferred your pensions, you can easily access your account from any device, 24/7.
Inside your BeeHive account, you can view your live pension balance, see your projected retirement income, and manage your contributions or withdrawals from the age of 55 (57 in 2028) with just a few clicks.
How much does it cost to use PensionBee, and how does this compare to other providers?
There are no fees for transferring your pensions to PensionBee. You’ll be charged an annual management fee, calculated based on the daily value of your PensionBee Plan. If you withdraw your pension, switch plans, or transfer your pension, you’ll only be charged a proportion of the annual management fee until your request is completed.
If your pension is under £100,000, you’ll pay an annual fee of 0.50-0.95%. If it’s over £100,000, the fee on the portion above that amount will be halved.
It’s important to keep in mind that all investments come with additional costs related to the buying and selling of underlying securities, such as shares, within your plan. These costs include things like stamp duty reserve tax or levies charged by regulatory or tax authorities, and they are reflected in the value of your pension.
It’s worth noting that transaction costs are separate from your annual management fee, meaning we don’t profit from them. However, they can still impact the performance or growth of your plan, so it’s important to be aware of them.
Is there an exit fee to leave PensionBee?
There’s no exit fee if you leave PensionBee at any point. There’s also a 30-day cancellation policy to keep in mind
Can my employer pay into my pension?
If you are a director of a limited company, you can contribute to your pension both as an employer and personally. Company contributions may be considered a legitimate business expense and can be reduced from your company’s corporation tax.
You can ask your employer to pay their contributions directly into your PensionBee pension if you’re part of a workplace pension scheme. However, we cannot accept contributions if your employer is a third-party sole trader.
Is PensionBee a SIPP?
PensionBee is a personal pension that offers a range of investment plans managed by professionals. It’s suitable for people who prefer a hands-off approach to pension saving.
How do they transfer my pension?
When you register for PensionBee, you will be asked to provide some basic information about yourself and your pension. This information will be used to contact your previous pension provider and initiate the transfer process.
If you can provide details about your previous pension, such as the name of your provider or policy number, it will help to speed up the process.
How do you start to save for your future?
Simply download the PensionBee app or sign up online with some basic details, including your National Insurance number. Joining is free, and they will only start charging you an annual fee once we begin managing your pension.
You can pick from their range of pension plans, or they will invest you in Tailored, our default option, which automatically moves your money into safer assets as you grow older. You can change your plan at any time.
PensionBee is authorised and regulated by the Financial Conduct Authority.