This is a simple to use, modern pension which feels different from the start.
What we say
Holly's View
Holly has accounts with all the providers on our website and independently reviews all of them.
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.
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Overall Summary
Mobile & Apps
The site is clear and easy to use. Navigation is intuitive and the information does not overload. The app is much improved, enabling customers to sign up, add money and trade, which is much more functional than its previous state – essentially a basic reporting tool.
Behind the scenes
There are three main investment options for customers. This is not for investment enthusiasts but for those after a simple life. What is unusual in this service is the simplicity which flows through everything. Some will find this delightful. Others will find it lacking.
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 into one of their 8 plan options. These are all funds managed by global giants State Street, BlackRock, HSBC and Legal & General. PensionBee have a number of niche plans, that can tick very specific boxes. Examples of this include a Shariah plan as well as a recently launched fossil fuel free plan, which only invests in companies aligned with the Paris Agreement goals.
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. You are free to change your plan at any time so don’t get too stressed when initially choosing! They make costs simple with one all-in fee. Costs range from 0.5% a year to 0.95% a year depending on your investment choice. Your fees are halved for any amount over £100,000 and there are no drawdown costs (unless you transfer and empty your whole pot within 12 months… they don’t encourage that).
For most people, you can only consolidate your pensions within PensionBee, however as of January 2021, self-employed customers can now open a new pension with PensionBee directly.
Important Facts & Figures
Provider Size
Small start-up but has some big friends under the bonnet.
PensionBee