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PensionBee Review

as of 14/04/2020 at 9:04 am

Holly's View

This is a simple to use, modern pension which feels different from the start. Onboarding is relatively quick and easy and there is a strong sense of the ‘personal’, with ‘BeeKeepers’ allocated as client service managers to help customers throughout the transfer process. Language is kept simple throughout, charges can be illustrated as £s or %s – and the proposition feels much more customer-focussed than traditional incumbents.

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 61 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

Your Questions

"Hi, I'm trying to choose an 80/20 low cost tracker fund to transfer my pension to, as I'm currently paying 1% fees to my provider which I want to save on. Does the performance of different tracker funds vary a lot (e.g. between PensionBee, Nutmeg, AJ Bell) and how do I compare their track records? Many thanks, Vivienne"

Vivienne, London

22/07/2020

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"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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