
PensionBee Customer Reviews
Tell us what you think of this provider.
4/5
Pros:
Ease
2/5
Pros:
App based
Cons:
Offer advice
5/5
Pros:
Personal customer service and sustainable investing available
Cons:
Love the podcasts, perhaps collaborating with more people to continue their series
Chris Culshaw @ 03/17/2021 10:48
I had lots of pensions that I wasn’t keeping track of. When I saw pensionbee I thought I’d give it a go.
I was surprised with how simple it was to use, and the simplicity of moving all my pensions.
I now have everything in one spot, and I’m able to change how my money is invested.
Craig @ 03/02/2021 10:30
Simple, easy, clear, trusted.
Tom Mitchell @ 02/26/2021 05:03
I’ve had an excellent experience so far with PensionBee. I had lots of small pension pots and just kept putting off doing anything with them because it all seemed so complicated. About four or five weeks ago, I finally succumbed to PensionBee’s emails, registered an account, and then transferred over four pots. This morning I received confirmation that the final pot of the four is to be transferred over. No effort on my part, one place for my pots (makes me feel better seeing a bigger number when you put them in one place!), and an excellent charging structure. Honestly, give them a go. I don’t think you’ll be dissatisfied!
John @ 02/23/2021 04:33
Hassle free company with ethical pension option’s
Marie @ 02/17/2021 07:22
5/5
Emily @ 02/17/2021 09:32
A game changer
Tom @ 02/16/2021 12:46
So easy to use, and just whatΓΓΓs needed now
PensionBee Expert Review
By Ed Sheldon 31/07/24
In this review, we look at what PensionBee offers in terms of investments, the performance of its plans, its fees and charges, and more. We also look at how it stacks up against competitors in the pension space.
PensionBee Review

Name: PensionBee
Description: PensionBee is an online pensions company that has over 240,000 customers. Founded in 2014 by CEO Romi Savova, its aim is to make pensions simple so that everyone can enjoy a happy retirement. With PensionBee, you can set up a new pension from scratch. Or you can consolidate all your old pension accounts. Once you have an account set up, you can view your balance and make contributions to your account online or via the companyβs app.
Is PensionBee a good pension provider?
PensionBee is a great way to track down all your old pensions and combine them into one easy-to-manage online pension in a range of different plans managed by established fund managers like State Street, Blackrock and Legal & General.
Who is PensionBee best suited to?
PensionBee could be well suited to those who:
- Want a hassle-free pension.
- Are looking to consolidate old pensions into one account.
- Are self-employed and looking to start a pension.
Summary
- PensionBee is an online pension provider.
- With PensionBee, you can start a pension from scratch or transfer in old pension accounts.
- In terms of investments, there are currently eight plans to choose from.
- PensionBeeβs fee structure is attractive but there are cheaper options out there.
Pros
- The user-friendly platform β With PensionBee, itβs very easy to set up and manage a pension.
- Excellent customer service βΒ When you sign up to PensionBee you are given your very own UK-based account manager, or βBeeKeeperβ, who’ll look after you.
- The tiered fee structure βΒ Fees are reduced if your pension is worth over Β£100,000.
Cons
- Limited investment strategies βΒ The range of plans on PensionBee is quite narrow.
- Limited investment options β With PensionBee, you canβt invest in regular investment funds, exchange-traded funds (ETFs), investment trusts, or individual stocks.
- Lower returns βΒ Returns may not be as high as those generated by competitors.
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Pricing
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Market Access
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Online Platform
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Customer Service
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Research & Analysis
Overall
4.2PensionBee CEO Interview
Romi Savova, PensionBee CEO on narrowing the pension advice gap.
What investments does PensionBee offer?
PensionBee offers customers a range of investment plans. These are managed by large-scale global money managers such as BlackRock, HSBC, and Legal & General and have different risk levels.
The plans on offer include:
- Tracker β This invests your money in a mix of global shares and bonds.
- Tailored β This isΒ essentially a βtarget-date fundβ that invests your money differently as you go through life, moving your money into safer investments as you get older.
- Fossil Fuel Free βΒ This is a sustainable investing plan.
- Impact βΒ This plan invests in companies addressing the worldβs greatest social and environment needs.
- 4Plus β The aim of this plan is to achieve long-term growth of 4% per year above the cash rate.
- Shariah βΒ With this plan, your money is invested in Shariah-compliant companies.
- Preserve β This is a lower-risk plan that makes short-term investments in creditworthy companies.
- Pre-annuity β This invests your money in bonds to provide you with returns that broadly correspond to the cost of purchasing an annuity.
Plan | Fee | Risk level | Managed by |
Tracker | 0.50% | Medium | State Street Global Advisors |
Tailored | 0.70% | Varies | BlackRock |
Fossil Fuel Free | 0.75% | Higher | Legal & General |
Impact | 0.95% | Higher | BlackRock |
4Plus | 0.95% | Medium | State Street Global Advisors |
Shariah | 0.95% | Higher | HSBC |
Preserve | 0.50% | Lower | State Street Global Advisors |
Pre-annuity | 0.70% | Higher | State Street Global Advisors |
Looking at this range of plans, PensionBeeβs offering is a little limited compared to those of rivals. For example, competitors such as Moneybox and Nutmeg offer far more investment options.
How have PensionBeeβs plans performed?
The table below shows the 5-year performance of PensionBeeβs Tracker plan (which is an 80% stocks and 20% bonds portfolio) along with performance figures from a few other similar types of products. The returns from the Tracker plan are solid, however, one could have potentially generated higher returns with other providers.
Fund | 2019 | 2020 | 2021 | 2022 | 2023 | 5-year return |
PensionBee Tracker | 17.0% | 2.4% | 15.8% | -15.3% | 16.9% | 37% |
Vanguard LifeStrategy 80% Equity fund | 18.1% | 7.7% | 14.4% | -8.8% | 11.8% | 48% |
Nutmeg risk level 8 | 17.0% | 6.4% | 15.4% | -11.0% | 11.3% | 42% |
Wealthify Adventurous | 17.1% | 5.1% | 12.8% | -9.1 | 11.3% | 40% |
What are PensionBeeβs charges and fees?
With PensionBee, you pay one simple annual fee of between 0.50% and 0.95% per year depending on the plan you choose. This fee is calculated daily and automatically deducted from your account each month (or when you switch or transfer your plan).
Note that if your pension is larger than Β£100,000, the company will halve the fee on the portion of your savings over this amount. So, for example, if you have Β£120,000 in the Tracker plan, the fee for Β£20,000 of the Β£120,000 will be reduced from 0.50% to 0.25%.
Now, some of PensionBeeβs fees are pretty competitive (i.e. 0.50% for the Tracker plan). But they can be beaten. With Vanguard, for example, itβs possible to pay around 0.25% annually.
What are the benefits of consolidating your pensions with PensionBee?
There are several benefits of consolidating your old pensions into one account. For a start, bringing together your different accounts makes it much easier to manage your money. When your retirement savings are all in one place, monitoring your investments takes less time and itβs much easier to work out if youβre on track for retirement.
Combining pensions also allows for a better understanding of your asset allocation. If your money is spread out over many different pension providers, it can be difficult to keep track of your asset mix and know how much risk youβre taking on.
Additionally, consolidating your pensions can enable you to lower your costs. Today, many pension providers, including PensionBee, have tiered fee structures where annual charges are lower for higher account balances.
Itβs worth pointing out that a pension consolidation is not always the best move. If you are a member of a defined benefit pension scheme, or you have a pension that comes with valuable benefits such as guaranteed annuity rates, you may be better off sticking with your current provider.
Can you withdraw money from PensionBee?
With PensionBee, you have to follow standard UK pension rules. So, you cannot withdraw your money until age 55 (57 from 2028). When you reach the age of 55, you can either take your pension flexibly online through PensionBee drawdown, or you can buy a pension annuity through Legal & General. Note that at 55, you can only withdraw 25% of your pension tax-free.
How to open an account with PensionBee
Opening an account with PensionBee is a straightforward process. You can sign up either online or via the app. When signing up, youβll need to provide some basic details such as your legal name, your current address, your date of birth, and your National Insurance number. If you wish to transfer old pensions to PensionBee, simply tell PensionBee the names of your old pension providers and some basic information and they will do the rest.
PensionBee Competitors
If youβre looking for a pension or SIPP provider, some other options include:
- Hargreaves Lansdown βΒ With a Hargreaves Lansdown SIPP, you have access to thousands of different investments.
- Moneybox βΒ Moneybox offers access to investment funds, ETFs, and US stocks.
- Nutmeg βΒ Nutmeg also offers a range of ready-made portfolios and has ESG options.
- Vanguard βΒ Vanguard offers extremely low fees and a wide range of funds.
PensionBee FAQs
On average, pension transfers take around 12 weeks to complete.
PensionBeeβs default plan is the Tailored plan. This is a βtarget-date fundβ that moves your money into safer investments as you get older.
No. With PensionBee you canβt invest in stocks or ETFs. You can only invest in its plans.
Yes. PensionBee offers several sustainable investing plans.
PensionBee is regulated by the UKβs Financial Conduct Authority (FCA). So, you should consider it to be safe.
Yes. If youβre eligible for tax relief, it will be applied to your account (only 20% tax relief is applied automatically).
No. Itβs free to set up an account with PensionBee and also free to combine your old pensions.

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Based in London, Edward is a distinguished investment writer with an extensive client portfolio comprising a diverse array of prominent financial services firms across the globe. With over 15 years of hands-on experience in private wealth management and institutional asset management, both in the UK and Australia, he possesses a profound understanding of the finance industry.
Before establishing himself as a writer, Edward earned a Commerce degree from the prestigious University of Melbourne. Complementing his academic background, he holds the esteemed Investment Management Certificate (IMC) and is a proud holder of the Chartered Financial Analyst (CFA) qualification.
Widely recognized as a sought-after investment expert, Edward’s insightful perspectives and analyses have been featured on sites such as BlackRock, Credit Suisse, WisdomTree, Motley Fool, eToro, and CMC Markets, among others.
You can contact Ed at edward@goodmoneyguide.com