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Do you have a few pensions floating around with different providers? I did. A work pension and three policies that I’d started then stopped contributing to.
I’d heard about Pension Bee a few years ago and thought it was a good idea to transfer all the balances and have just one pension pot that was easy to manage online.
I’m so glad I took the plunge and did it because since opening my account, my pension pot has grown by over £10,000 and I haven’t contributed a single penny to it!
The benefit of pooling all your pensions together means that you only pay one fee, not multiple fees to all your different pension providers. You’ll have a larger lump sum to invest which has the potential to make you more money long term.
Who Owns Pension Bee?
PensionBee is owned by Romi Savova. After a negative experience in transferring a pension of her own, she created PensionBee in 2014 with the aim to simplify pension savings.
Pension Bee Fees
It’s free to transfer your pensions, Pension Bee do all this for you and you just pay a yearly fee between 0.50% and 0.95%.
Currently, there are nine plans to choose from:
Tracker – A set and forget plan that’s cost-effective. (0.50% annual fee).
Tailored – Invests your money differently as you go through life. (0.70% annual fee).
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% annual fee).
4 Plus – For anyone thinking of accessing their pension in the near to medium term. (0.95% annual fee).
Future World – Invests money into companies that pledge to move to an environmentally-friendly economy. (0.95% annual fee).
Shariah – Invests your money only in Shariah-compliant companies. (0.95% annual fee).
Preserve – Makes short-term investments into creditworthy companies reducing risk and preserving your money. (50% annual fee).
Match – Invests your money into a mix of assets. (60% annual fee).
Pre-Annuity – Invests your money in bonds to provide you with returns that broadly correspond to the cost of purchasing an annuity. (70% annual fee).
The Plan I Chose
I chose the 4 Plus Plan which is for anyone thinking of accessing their pension in the near to medium term. This plan aims to achieve long-term growth of 4% per year above the cash rate, and money is actively managed across a range of investments. This plan has a yearly fee of 0.95% and so far I’m very happy with how it has performed.
Can you Withdraw From Pension Bee?
When you reach the age of 55 (note this is changing to 57 from 2028) you can withdraw from your pension from any of PensionBee’s plans online. Everything is done digitally and you don’t need to sign any forms. You should receive your cash in around 7-10 working days.
There is also an option of receiving a regular income for your retirement and this can be done by buying a pension annuity through PensionBee’s partner, Legal & General.
Get £50 For Your Pot
If you’re thinking this is a good idea and you’d like all your pensions in one pot, I have a great deal for you! Open your account using my PensionBee Referral Link and when all your pensions have been transferred, you and I will get £50 added to our pension pots. Not bad at all!
You’ll also get your own referral link when you create your account so that you can recommend to friends and family and increase your pension pots at the same time.