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PensionBee Review

as of 06/03/2019 at 5:13 pm

Holly's View

A nice new option for those who are conscious that they have small pensions lying around the place and need to join them up in one place. Digitally smart and well thought-through. An interesting pensions service which helps round up all those smaller pension amounts you have left in your wake. Still small but growing quickly and with really committed cheerful people to look after you, service is great and the website nice to use. Investment choices are limited but this will suit people who want ease, convenience and visibility of what’s in their pension. Talks in plain English too.

Our Rating

Recommended For

Beginner Investor

Confident Investor

In a nutshell

Brings pensions together

Nice digital service

Limited investment

You Say

Your overall rating

Based on 41 reviews

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What to Expect

Investment Choice

Products

Pension

Investments available

Funds from other groups

Ethical investments

Investment help

Robo advice / ready-made portfolios

The 'Geeky' Details

Provider details

Once PensionBee has aggregated all your pensions into one single pot (or 'hive'?) then your money will be invested in one of their 7 plan options. These are all funds managed by global giants State Street, BlackRock, and Legal & General.  
 
The State Street option is a low-cost tracker fund which invests into major global markets. The BlackRock 'tailored' option is what's known as a target date fund - the idea being that the closer you get to retirement, the more they dial down the riskier assets such as shares, to avoid any sharp falls just before you might want to cash your investments in. And the L&G option is a climate-conscious plan which invests in nearly 2,000 shares from around the world, picking those with low carbon impact and also excluding controversial weapons.  
 
Costs range from 0.5% a year to 0.95% a year depending on the investment pick you make. 

Important Facts & Figures

Provider Size:

Small start-up but has some big friends under the bonnet

Minimum amounts:
£0 minimum investment
12 month indicative performance:

Ranges from 6.9% to 8.9% for the 12 months to June 2018

Your Questions

"Hello there, I’m 41 years old and have recently become a full time freelancer. I want to continue to pay into a pension and am looking at signing up to PensionBee. I’ve got about five different pension pots floating around, which I know either I or they can track down. My main concern is this - I’m always being told that my Civil Service pension is a great thing to have (I was a teacher for a year and then had a different Civil Service pension for about two years) and so will I lose out by transferring it to a new place? By the way, I am loving Boring Money! I’m really keen to start taking control of my finances and it’s proving so helpful... not making me feel like a clown for not understanding all the financial faffery! Thanks!"

Hannah, Herefordshire

08/07/2019

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"I am a beginner investor and would like to invest in a "socially responsible" Stocks & Shares ISA. I have looked into the Nutmeg and Wealthify funds, having found out about them through the Money Saving Expert website. Is there information about any other such providers on your website? And do you have any advice about how to compare the "socially responsible" criteria on the different funds?"

Joy, Glamorgan

16/04/2019

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"Is there a Robo Investor who provides both income and growth for those who are retired? (There must be a large market for this?) It seems to me that at the moment all the Robos focus on long term growth and reinvesting dividends - which is fine if you are younger. Have I got this right? Any comments / thoughts? P.S. I think your website / service is very good"

David,

18/01/2019

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