PensionBee Review

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PensionBee Review

Those who are looking to consolidate their pensions might want to check out PensionBee and learn about its proposition, investment performance, and charges.

Our rating

PensionBee is a means for combining and transferring old pensions into brand new online plans. It is trustworthy since it is managed by big-time money managers who are experts in their field. It is actually regulated and authorized by the Financial Conduct Authority.

PensionBee started in 2014 when it was launched in the United Kingdom, just outside of the financial district of London. It was meant to innovate the pension industry by allowing individuals to consolidate and locate their pension plans with ease.

A lot of people only begin saving for retirement once they become enrolled in the pension scheme of their employer. If you have worked with just one company until your retirement, you may not experience major issues with your pension.

However, if you have changed employers several times until you retired, you may have several pension pots as well. This can be quite confusing, especially if you no longer have any communication with your previous employers. What’s more, these pension pots may languish in inadequately performing pension funds that come with high fees.

Many pension providers tend to send documents that are filled with hidden fees and jargon; thus, reducing the value of the pension over time. So, you must review your pension planning. You have to plan for your future properly.

See to it that you find and optimize your pension plans, if you have several, and then consolidate them so that you can avoid high investment fees as you optimize the performance of your investment and pension.

PensionBee will help you manage your pension easily and efficiently using an online account, which is accessible 24/7. This way, you can view your present pot size, evaluate the projected income upon retirement, and make contributions, whether one-off or regular. Once you reach the age of 55, you can already withdraw some money.

You will be assisted by your very own BeeKeeper. You will also be provided with a pension calculator so that you can stay on top of your retirement goals. Don’t worry if you do not really know where all your pensions are. You can either contact your past employers or use the Pension Tracing Service of the government. Once you are done transferring your pensions, you may log in to your online account.

In essence, PensionBee will enable you to locate all your pension pots so that you may consolidate them into a new pension plan that is low cost and easy to manage. Keep in mind, however, that financial advice is not offered by PensionBee. So, if you ever need some financial advice, you need to speak with a qualified financial adviser.

If you have any money purchase arrangement from a previous employer or existing personal pensions, you can use PensionBee to consolidate them. Do not worry because there are neither initial nor exit fees involved. PensionBee will not charge you for the consolidation of your pensions.

You will be given an affordable pension plan that is managed by an investment company, such as HSBC and BlackRock. Once you have consolidated your pension plans, you can then transfer them somewhere else.

PensionBee offers nine plans that you can choose from:

  1. PensionBee Tracker
  2. PensionBee Match
  3. PensionBee Tailored
  4. PensionBee Fossil Fuel Free
  5. PensionBee Future World
  6. PensionBee Shariah
  7. PensionBee 4 Plus
  8. PensionBee Preserve
  9. PensionBee Pre-Annuity

These plans are practically the same, except for the company that manages them. For instance, State Street Global Advisors manages PensionBee Tracker and PensionBee Preserve while BlackRock manages PensionBee Match and PensionBee Tailored. It is really up to you where you want to invest your pension pot.

As mentioned previously, PensionBee does not charge initial and exit fees. You can consolidate your pension pots freely and even cancel your policy within 30 days if you are not satisfied with the services that PensionBee offers. You will not be charged for canceling within this timeframe and your pensions will be returned to your previous providers.

Basically, you do not have to shell out any money if you use PensionBee. However, it has an annual management fee that is automatically deducted from the pension plan daily.

Depending on your pension plan, you will pay a 0.50% to 0.95% annual fee. Then again, if your pot size is bigger than £100,000, PensionBee will cut the fee in half on your savings’ portion over such amount.

Any transaction fees that are related to the selling and purchasing of underlying securities are included in the plan. Take note that PensionBee does not profit from the transaction costs. Nevertheless, the transaction costs involved with the plans are minute since PensionBee only works with major money managers.

PensionBee is beneficial in a lot of ways. It can help you manage your pension pots and plan for your retirement more effectively. It is light on the budget and offers an account that is easy to use and helpful.

So, if you are an individual who has an existing pension in the United Kingdom, you can avail of PensionBee’s services, regardless of your tax residency or nationality. Then again, you also have to be eligible for a tax relief on your contributions.

We’d recommend PensionBee for most users as it’s one of the most user friendly pension apps out there – what’s more; sign up using the link below for a £50 sign up bonus paid directly into your new pension pot: