PensionBee Review

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In this PensionBee review we carefully examine the PensionBee service to help you decide if this is the right place for you to find, combine and grow your old pensions.

If there’s one area of personal finance that people in the UK need to be taking more seriously right now it is our pension arrangements. With large black holes appearing in both company and government pensions alike, it is vital for us to ensure that we are making the most of any money we have already invested into our pensions and also ensure that we are putting enough away going forward to adequately fund our retirement years.

This is where PensionBee* comes in.

Who Are PensionBee?

PensionBee are a company who are working hard to transform the pension industry as we know it. They want to make pension saving simpler by helping you to find and combine all of your old work pensions that you may have dotted around and bringing them into one, easy to manage pension platform known as the Beehive. From the Beehive* you will be able to see simply and clearly how much money you currently have put away for retirement, how well your pension pot is performing and you’ll also be able to make top-up contributions as and when you want to. Since launching in 2014, PensionBee have had over 45,000 signups and they’ve been campaigning hard for change to the pension industry, especially when it comes to the ease and speed of being able to transfer a pension.  

Why PensionBee?

PensionBee* aim to take the hassle out of moving and combining your pensions by doing all of the hard work for you. PensionBee will ask you for some simple information and using this info they will then trace and find all of your old pensions for you. PensionBee will assign a dedicated ‘Beekeeper’ to take care of all aspects of the switching process and once they have found your old pensions, they will then transfer them all over to one of their own competitively priced pension plans which are managed by two of the biggest and most trusted pension providers in the world, these being Blackrock and State Street. If you’re not happy with any aspects of the PensionBee service then you can cancel the whole process within 30 days of it starting and PensionBee will return your old pensions to their previous providers at no cost to you.

PensionBee’s Fees

With PensionBee you only ever pay an annual management fee, meaning there are no entry or exit fees. Starting at just 0.5% per annum, PensionBee’s fees are priced competitively and are lower than those charged by many other pension providers and the industry average as a whole. The fees do go up slightly depending on whether you go for a tracker, a matched or a tailored plan but even PensionBee’s tailored plan – their most expensive – is only priced at 0.7%. As we can see then, when it comes to fees PensionBee* offer good value and this could result in your pension pot growing at a much faster rate than it would if you left your old workplace pensions where they are, as these plans can often be subject to unnecessarily high management fees and charges that can easily eat away at your returns over time.

PensionBee Reviews

Most of us would agree that a company is only as good as it’s customers say it is and on this point it’s encouraging to see that PensionBee has a rating of ‘Excellent’ on Trustpilot and an overall score of 9.2 out of 10, which is extremely good indeed. Recent reviews left by customers read along the lines of:

Alex – ‘Amazing service. I’m a real customer and gobsmacked by what they have done.’

Neil – ‘So easy, so quick! Now I can keep track of my pension on my phone!’

Stephen – ‘A fantastic service with very helpful informative staff. A very simple and easy to use process. My Bee keeper (Martin) kept me informed of every step and explained everything very well. Allowing me to make informed decisions. I am currently in the process of transferring some old work pensions and I do feel more in control of this money now!’

Who Is PensionBee Not For?

It should be mentioned that there are a few people who PensionBee might not be right for. Firstly, you can only use the PensionBee service if you are transferring old pensions over to the platform, you cannot start a brand new pension with PensionBee. As mentioned earlier, though, you can make top-up contributions to your PensionBee plan once your old pensions have been transferred. The other notable restriction to using the PensionBee service is that they are unable to transfer any pension that has guaranteed benefits of over £30,000. The reason for this is that the government requires that you take financial advice from a transfer specialist before you transfer any pension over this size. If you don’t currently have a financial advisor and feel you need to talk to one then you can find a local adviser here*.

You can find out about any other possible restrictions on the PensionBee FAQ page*.

Is PensionBee Safe?

The big question most people will have when transferring a pension to a new company will be whether their money is safe and protected. As we mentioned earlier, PensionBee’s pension plans are controlled by two of the biggest pension providers in the world, so that should straight away allay some fears. The other point of note is that PensionBee are regulated by the Financial Conduct Authority and that your pension savings will be protected by the FSCS for 100% of your pension as assessed and accepted by the FSCS. This protection has no upper limit.

So there we have it, our full review of PensionBee. Hopefully you now have a much better idea of how the PensionBee service works and whether it is the right option for you. If you think that it is then you can get started on the PensionBee website*.

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2 Responses to PensionBee Review

  1. Martin gray says:

    I have three pension funds. One at £84k, one at £24k and a little one at £3k all with different companies. I’m 55 next April. Would it be of my interest to use pensionbee? I’ll be taking my tax free quarter of my main one next year.

    • Adam Buller says:

      Hi Martin, thanks for your comment. I can’t really advise on specific situations I’m afraid but you may find some useful information and links in the section of this review titled ‘Who Is PensionBee Not For?’. That section outlines some potential restrictions to the PensionBee service and it also links to their site where you can find a ‘frequently asked questions’ page. There’s also a link in that section to a website which can help you to find a financial adviser in your local area who will be able to answer any specific questions you have regarding your pension arrangements. Hope this helps!

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