Is PensionBee good for investing?
Independent review by Boring Money
1 Jan, 2025
Investment expert's opinion
PensionBee continues to grow and launched in the US last year. They are an easy option for people who don’t want pension hassle, who value a nice app which shows everything clearly, and who want to consolidate various small pension pots left behind as they move jobs. It is not the cheapest solution, but the service is good and customers are happy.
*This is the view of investment expert Holly Mackay based on her first-hand customer experience as a test account holder. This does not constitute regulated advice. You can read more about Holly's investments here.
Who is PensionBee?
PensionBee is an online platform designed to help you consolidate your existing pension pots all under one roof. It includes pension calculators, retirement forecasting and other tools to help customers plan ahead for their retirement and helps them to make appropriate withdrawals once they reach retirement age. PensionBee’s ethos is “to make pensions simple, so that everyone can look forward to a happy retirement” and it currently has over 200,000 customers in the UK.
Who is PensionBee good for?
PensionBee is a good choice for people who’ve moved jobs a lot and are looking for a handy service to consolidate their various pots. It’s particularly good for less confident investors who value simple language and a straightforward, digital approach.
Pros and cons
Still not quite sure if PensionBee is right for you? We’ve broken down the main pros and cons in the table below. Take a look for a bird’s eye view of the key takeaways.
Investments
PensionBee gives users access to funds and ready-made investments with their pension.
This includes the default Tailored Plan, a target date fund which invests your money differently as you go through life. It aims to provide a diversified blend of investments that balances between growing your pot and protecting against risk to help you advance toward your retirement goals.
Other investment options include a range of funds managed by third-parties, such as the Impact Plan, which is managed by BlackRock. The table below illustrates the range of options available.
Plan name | What is it? | Annual fee* |
Tracker | Invests your money in global shares and bonds, following the world’s markets as they move. | 0.50% |
Preserve | Makes short-term investments into creditworthy companies - reduces risk and preserves your money. | 0.50% |
Tailored (default) | Invests your money in different assets as you go through life, moving your money into safer investments as you get older. | 0.70% |
Pre-Annuity | Invests your money in bonds to provide you with returns that broadly correspond to the cost of purchasing an annuity. | 0.70% |
Fossil Fuel Free | Excludes the fossil fuel and tobacco sectors while only investing your money in companies aligned with the Paris Agreement goals. | 0.75% |
Shariah | Invests your money only into Shariah-compliant companies. Investments are approved by an independent Shariah committee. | 0.95% |
4Plus | Aims to achieve long-term growth of 4% per year above the cash rate, by managing your money actively across a range of investments. | 0.95% |
Climate | Aims for the total carbon emissions produced by the plan’s companies to be reduced by at least 10% each year. | 0.75% |
*This fee is halved for the portion of your pot which is over £100,000.
Accounts
Stocks & Shares ISA | Pension (SIPP) | General Investment Account (GIA) | Lifetime ISA | Junior ISA |
X | ✔ | X | X | X |
Fees and charges
The cost of investing with PensionBee differs depending on which plan you opt for. There are, however, no transfer or exit fees. The table below breaks down the key fees and charges for each plan and how it changes depending on the value of your pot.
Plan name | Fees on accounts £100k and under | Fees on accounts over £100k |
Tracker | 0.50% | 0.25% |
Preserve | 0.50% | 0.25% |
Tailored (default) | 0.70% | 0.35% |
Pre-Annuity | 0.70% | 0.35% |
Fossil Fuel Free | 0.75% | 0.35% |
Shariah | 0.95% | 0.47% |
4Plus | 0.95% | 0.47% |
Climate | 0.75% | 0.38% |
There is also a 0.04% transaction fee that is triggered whenever you buy or sell a fund with PensionBee and an early withdrawal fee of £150 which applies if you withdraw within 12 months of opening a PensionBee account or the balance of your account is less than £150 at the point of withdrawal.
See how much it would cost you
Use the handy calculator below to calculate the cost of an account. Just select which type of account you want to use, type in the amount you want to invest and - hey presto! - our calculator will give you an estimate of how much it costs. Please note estimated fees are calculated excluding promotional offers.
Step 1. Select account type.
Step 2. Enter the amount you are looking to invest.
Estimated fees:
£9.80
All Inclusive
This cost represents the total amount you will pay. It is based on a typical account and will be a very good guide, but may differ depending on the investment option you pick.
The boring disclaimer bit
This is a free resource for our readers. We’ve tried really hard to ensure that these calculations are correct and can promise you there’s no monkey business or favouritism going on. But please don’t rely on these calculations without double checking yourself. If you do think you have seen an error please contact community@boringmoney.co.uk and help us to make this better. More information on the assumptions we've used to calculate these investment fees can be found here.
Customer reviews
PensionBee is praised for its ease of use, clear information, and efficient customer service. Users like the ability to consolidate pensions into one platform, making management simpler. The app and dashboard are user-friendly, and the transparent fee structure is appreciated.
However, some users feel that the investment options are limited and suggest improvements in personalised advice and retirement planning tools. Better communication and more customer support availability are also recommended.
Overall, PensionBee is seen as a reliable and efficient service, but there is room for improvement in customer support and investment options.
Your opinion matters!
Leave a review for PensionBee
30 January 2026
I've found the consolidation process to be very easy and the PensionBee app to be user friendly.
05 December 2025
They have good customer service. i think there website needs improving to be more clear
05 December 2025
Their services are very reliable and secure
Most asked questions
Is PensionBee safe?
PensionBee is authorised and regulated by the Financial Conduct Authority (FCA). If a fund fails due to fraud or mismanagement, you may be eligible for compensation from the Financial Services Compensation Scheme (FSCS). The FSCS protection is capped at £85,000 per person, per fund manager (not per individual fund). However, if your investments lose value due to normal market conditions or your investment choices, this is part of the normal risk of investing and is not covered by FSCS compensation.
Who owns PensionBee?
PensionBee was established by its founders, Romina Savova and Jonathan Lister Parsons, in 2014. Romina set up PensionBee after facing great difficulty when trying to move an old workplace pension and decided to improve the system by getting rid of “archaic systems, excessive fees and complex paperwork”. She maintains the largest share of ownership in PensionBee with over 35%, while Parsons owns around 5%. PensionBee is also publicly listed on the London Stock Exchange, which means individuals can buy and sell shares in the company itself.
Can PensionBee find old pensions?
PensionBee does not offer a pension tracing service to find old or lost pensions. It instead recommends that you directly contact your previous pension provider or workplace to find these details. Individuals who have worked in the public sector may be able to use the Department for Work and Pensions (DWP) website to find information about them. Alternatively, PensionBee suggests people can use the government’s free Pension Tracing Service to search for details of old pension schemes.
Can I withdraw my pension from PensionBee?
Yes, you can withdraw your pension from PensionBee. Once you reach 55 years of age, you are legally permitted to start making withdrawals from your personal or workplace pensions if you so choose (this will increase to 57 in 2028).
At this point, PensionBee gives you a choice of two ways to access the funds in your pension pot – either to make flexible lump sum withdrawals (typically called ‘drawdown’) or to purchase an annuity (an agreed annual income based on the value of your pot) which is provided by Legal & General.
Choosing how to access your pension is an extremely important decision. After all, this determines the flow of income into your bank account when you’re retired. PensionBee has numerous online tools which can help you decide whether to go for drawdown or an annuity, including a drawdown calculator and a suite of articles and videos to help you choose.
Does PensionBee cost anything?
PensionBee does not charge anything to transfer existing pensions and does not charge any exit fees if you choose to move your money out of a PensionBee account. Bear in mind, however, that your current pension provider may charge exit fees – these can be as high as 10%, so it’s well worth checking the small print in case you decide it’s not worth the cost of transferring.
PensionBee does charge a single annual management fee. This varies depending on which PensionBee plan you opt for and ranges from 0.50% to 0.95%. The fee is halved for the portion of your pot which is over £100,000.
There is also a 0.04% transaction fee that is triggered whenever you buy or sell a fund with PensionBee and an early withdrawal fee of £150.
Glossary
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All information in this review correct as at 01/01/2024.
