Our mission at PensionBee’s to help our customers feel pension confident so that they can have a happy retirement, and part of that involves giving you more control over how you manage your pension.
To date, for our customers who are eligible to start drawing down from their pension, we’ve enabled them to withdraw money as and when they like from our website and mobile app. However, we know that withdrawing from your pension’s a process that can be made even easier and more convenient. That’s why we’ve been working on enabling regular withdrawals from your PensionBee account.
We’re getting closer to making regular withdrawals available to all customers over the age of 55 but for now, we’re only looking to make the feature available to those interested in trying it out. That’s where you come in! We need your help to test it out and let us know what you think.
What’s a regular withdrawal?
A regular withdrawal will automate the process of drawing down from your pension pot to your bank account. Currently, this is a manual process requiring customers to log in to their account and go through the withdrawal process each time they’d like to withdraw their money. Whilst this is certainly useful whenever an ad hoc withdrawal needs to be made, we heard from many customers who wanted to use a ‘set it and forget it’ approach to withdrawing. Our regular withdrawal feature will allow you to choose from one of the withdrawal date options provided and the amount you’d like to withdraw and, once set up, your funds should appear in your bank account on that date, after factoring in any effect a weekend or bank holiday may have on processing your payment.
Collaborating with our customers
A key part of our feature development process is listening to our customers’ thoughts on what would be useful for them, whether that’s about an entirely new feature or enhancing an existing one. Our customers’ feedback helps us to design products that help make managing their pensions easier. And customer feedback has been a core part of how our in-app withdrawal feature has evolved over time.
Our journey to enabling regular withdrawals has seen us continually expand the functionality of how withdrawing works over several product iterations. The first version of the withdrawal feature enabled our customers to withdraw a lump sum from their pension through our website. We then brought this feature into our mobile app to make it possible to draw down from your pension from the palm of your hand. And now we’re expanding the feature further by offering the added convenience of regular automatic monthly withdrawals to your bank account.
Get early access!
We’re excited to offer the regular withdrawal feature and hope to make it generally available soon, but before we roll it out for all eligible customers we’d love to hear what you think of it.
Here’s what you need to know to try out regular withdrawals:
- You need to be over the age of 55 (eligible age to access your pension).
- The feature will only be available through the PensionBee website, so you’ll need to access it by logging in to your PensionBee account through a web browser.
We’re looking to enrol customers for testing within the next couple of weeks so please let us know if you’d like to get your hands on the new feature. You can let us know by emailing [email protected] and we’ll contact you if you’re selected to try out the new feature.