Is PensionBee good for investing?
Independent review by Boring Money
1 Jan, 2026
Investment expert's opinion
A very clear and helpful app for those who want to consolidate a pension. Easy to use with good service. For smaller pensions, it's good value, but those considering moving over their (probably inferior) workplace pension should think carefully - it will likely be a more expensive option but, on the flip side, will be easier, clearer and much better to use. The better usability will also encourage users to learn more about pensions and get their heads around it at a younger age - always a good thing.
*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 pension provider designed to help you combine 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 vision is “a world where everyone can enjoy a happy retirement”, and their mission is to “build pension confidence”. It currently has over 325,000 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 6 plans outlined below.
Plan name | What is it? | Annual fee |
Global Leaders Plan (default for under 50s) | Aims to grow your pension savings by investing in approximately 1,000 of the world’s largest and most recognised public companies. | 0.70% |
4Plus Plan (default for 50 and over) | Aims to achieve long-term growth of 4% per year above the cash rate, by managing your money actively across a range of investments. | 0.85% |
Tracker Plan | Tracks a Paris-aligned index excluding fossil fuel producers, weighted towards lower carbon emissions. Managed by State Street. | 0.75% |
Shariah Plan | Invests your money only into Shariah-compliant companies. Investments are approved by an independent Shariah committee. | 0.95% |
Preserve Plan | Makes short-term investments into creditworthy companies. This reduces risk and preserves your money. | 0.50% |
Climate Plan | Tracks a Paris-aligned index excluding fossil fuel producers, weighted towards lower carbon emissions. Managed by State Street. | 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 pension pots under £100k | Fees on pension pots between £100 and £250k | Fees on pension pots between £250 and £500k |
Global Leaders | 0.70% | 0.49% | 0.42% |
4Plus Plan | 0.85% | 0.60% | 0.51% |
Tracker | 0.50% | 0.35% | 0.30% |
Climate | 0.75% | 0.53% | 0.45% |
Shariah | 0.95% | 0.67% | 0.57% |
Preserve | 0.50% | 0.35% | 0.30% |
At PensionBee, the average cost of all the transaction fees a customer typically pays over a year is around 0.03%. There is also 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 32%, 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 offers various ways for you to take your pension. If you opt to draw down from your pension, PensionBee offers two ways to do this. You can take one-off withdrawals when you need, or schedule Automatic withdrawals and get payments of the same amount paid into your bank account on the same day every month. You can always change the amount and date or cancel and go back to single withdrawals. You can also take it as an annuity (PensionBee is connected with Legal & General to offer this service) or combine the two options, i.e. putting some of your pension into an annuity and drawing down on the rest.
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 24/07/2026.
