Frequently Asked Questions

About the PensionBee service

What does PensionBee do?

PensionBee combines and transfers your old pensions into a brand new online plan, managed by some of the world’s largest money managers.

If you don’t know exactly where your old pensions are, you can contact your former employer or use the government’s free Pension Tracing Service.

Once you’ve transferred your pensions, you can log in to your account 24/7, from your favourite device. Inside the BeeHive you’ll be able to view your live pension balance, see your projected retirement income and contribute or take money out, from the age of 55 (57 from 2028), in just a few clicks.

Why should I consolidate my pensions with PensionBee?

Your pension is your money for retirement, and you should feel like you’re in control of it. If you’ve had several different jobs (and people now have an average of 11 during their careers) then you probably have several different pension pots. Most pension providers still have a habit of sending hefty paperwork that’s full of small print, jargon and hidden fees that reduce the value of your pension over time. This makes it pretty difficult to keep track of your retirement savings and plan for the future.

With PensionBee, you can easily manage your pension in an online account and get on top of your retirement situation. You can see your current pot size, your projected retirement income, and set up regular or one-off contributions. Your personal BeeKeeper is on hand to help you with anything you need, and our pension calculator can tell you whether you’re on track to meet your retirement goal. PensionBee exists to make managing your pension easier.

Is it ever better to leave my pensions where they are? What if there are exit fees or guaranteed benefits?

Some older pension types may contain valuable special benefits or exit fees. It’s important that our customers are informed of significant exit fees that may have to be paid or special benefits that may be lost out on before transferring a pension.

First, some background on special benefits and exit fees:

Special benefits can refer to a variety of different features, such as Defined Benefits, Guaranteed Annuity Rates and Life Cover on defined contribution pensions. The most valuable of these are known as “safeguarded benefits” and include a guaranteed element of future pension income. You’re required to obtain advice prior to transferring pensions with safeguarded benefits that have a total value over £30,000.

Conversely, exit fees can reduce the value of your pension. If we find a provider that has an exit fee of more than £10 we’ll always seek our customers’ permission to proceed with the transfer before taking action. It’s important to note that unfortunately, we can’t guarantee to find an exit fee or special benefits as we rely on clear information from third parties. If the exit fee is below £10 we’ll proceed with the transfer.

PensionBee doesn’t provide financial advice and you’ll need to find an adviser yourself. If you’re advised against transferring to PensionBee in this scenario, we won’t accept your transfer.

How much does it cost to use PensionBee and how does this compare to other providers?

We don’t charge you any fees to transfer your pensions to PensionBee. There’s just one annual management fee, automatically deducted from your pension periodically. This is calculated based on the daily value of your PensionBee Plan. If you withdraw your pension in full (available from the age of 55, rising to 57 from 2028), switch plans or transfer your pension to another provider, you’ll only be charged a proportion of the annual management fee calculated up to when your request has been completed.

For pensions under £100,000 you’ll pay one annual fee of 0.50 - 0.95%, depending on which plan you choose. If your pot size is larger than £100,000 we’ll halve the fee on the portion of your savings over this amount.

In addition, all investments include transaction costs related to the buying and selling of underlying securities (such as shares) in your plan. These include costs such as stamp duty reserve tax or levies charged by the regulatory or tax authorities, and are directly captured in the value of your pension. Transaction costs are separate to your annual management fee, so we don’t make any money from them, but the effect of transaction costs is to reduce the performance (or growth) of your plan so it’s important that you know about them.

Most money managers, including our money managers - BlackRock, State Street Global Advisors, HSBC and Legal & General - now separately disclose these costs. The transaction costs in our plans are generally very small as we only work with the largest money managers in the world. The weighted average cost is 0.01% and they range from -0.02% to 0.09%. To learn more about transaction costs and how they have been calculated, you can download our explanatory paper here.

It is standard industry practice that plan switches have transaction costs associated with them, both at PensionBee and all other providers. Transaction costs are designed to protect existing investors from any inflows and outflows from the fund. The subscription (charge to enter) and redemption (charge to leave) spreads are usually visible on fund factsheets. They’re an unavoidable feature of the market when moving money between different funds. PensionBee, and the money managers, do not make money from the transaction costs associated with switches.

Is there an exit fee to leave PensionBee?

There’s no exit fee if you leave PensionBee at any point. There’s also a 30 day cancellation policy, which means we’ll return your pensions to your old providers (assuming they are also willing to take them back), free of charge if you cancel your PensionBee plan within 30 days of opening it. You can find out more on our fees page.

What if I’m currently in a plan that my employer pays into?

Transferring this type of pension can be a little tricky, because we want your pension to stay open so you can keep receiving those important contributions from your employer!

This means that lots of customers choose to leave their active pensions where they are for now, in order to transfer them fully when they leave their current employment. However, you can add an active pension in your BeeHive and tell us to resume your transfer when you leave your current job.

Can my employer pay into my pension?

If you’re the director of a limited company, you can make both employer and personal contributions to your pension. Company contributions may be considered an allowable business expense and could be offset against your company’s corporation tax.

If you’re employed and part of a workplace pension scheme, you can ask your employer if they’d be happy to pay their contributions directly into your PensionBee pension. Your BeeKeeper will be able to help you set this up. Please note that we cannot accept contributions if your employer’s a third-party sole trader.

Can I change my mind about any (or all) of my pensions?

Yes. You can choose to cancel any individual pensions that haven’t started transferring in the BeeHive. We’ll send your pension back to your provider for up to 30 days after the transfer, as long as they agree to accept it. If you’d like to close your account overall, please email your BeeKeeper. You can also transfer your PensionBee pension to a new provider and we won’t charge you an exit fee.

Can I open a new pension without transferring old pensions in?

If you’re self-employed, you can start a pension with PensionBee without needing an existing pension. You can add as many pensions as you like, at any time in the future.

How do I get started?

Simply download the PensionBee app or sign up online with some basic details, including your National Insurance number. Joining us is free and we’ll only start charging you an annual fee once we begin managing your pension.

You can pick from our range of pension plans or we’ll invest you in Tailored, our default option, which automatically moves your money into safer assets as you grow older. You can change your plan at any time.

Is there anything else I have to do?

Once you’ve added your pension and confirmed your transfer you won’t need to do anything else unless we’ve contacted you to inform you your provider requires more information or about any exit fees or special benefits we’ve found when transferring from your previous provider.

You’ll be able to check the status of your pension transfer on the ‘Transfers’ section of the ‘Funds’ tab in your account, and your personal BeeKeeper will keep you updated along the way. We aim to do all the hard work so you don’t have to, but if we need something we’ll let you know. As soon as your transfer’s complete, which on average takes 12 weeks, you’ll be able to see all of your pension savings in your new PensionBee pension.

Can I use PensionBee as a dashboard for my existing pensions?

No. PensionBee combines your old pensions and transfers them into a new online plan where you’ll see just one new balance. You can’t use PensionBee as a dashboard to view the old pensions you have with different providers.

Is PensionBee a dashboard?

We provide a real-time balance in your account dashboard – but to access it, you’ll need to have transferred your pensions to PensionBee first.

We don’t describe ourselves as a dashboard because you can’t view the old pensions you have with different providers.

Is PensionBee a SIPP?

PensionBee is a personal pension. Generally, when people refer to “SIPPs“ they’re often talking about pension schemes that allow you to choose your own specific investments, including individual stocks and shares. PensionBee allows you to select your own investment plan from a range of investments managed for you by one of our money managers (BlackRock, HSBC, or Legal & General, for example). Personal pensions are suitable for people who prefer a hands-off approach to pension saving.

Do I have to transfer all of my pensions to PensionBee?

No, you only need to transfer one of your pensions to PensionBee to get started. And if you’re self-employed, you don’t need to transfer any pensions at all.

You can add as many pensions as you like, at any time in the future.

Do I have to provide any ID to open a PensionBee account?

Many pension providers, including PensionBee, use online processes to verify your identity. We don’t usually require customers to provide an ID, however if this is needed you can send it to us digitally.

There are some providers who might require a certified copy of an ID, or name change document like a marriage certificate or deed poll.

In some cases, providers might ask you to send an original document in the post but we’ll encourage them to accept a certified copy instead, to try and save you the hassle of posting original documents and to speed up the process.

You can find out more about acceptable proof of identification here.

Do I have to fill out any forms to sign up with PensionBee?

We use wet signature robots, transfer form automation and machine learning to make it easy for customers to sign up online – without filling out lengthy forms.

When you sign up we’ll ask you for a digital signature, which we’ll use to communicate with your old providers about your pension transfers.Your signature is used on the letters of authority sent to your existing provider. If you’re self-employed, we’ll only need a signature if you transfer a pension from an old provider. Though it’s unusual, some of the older providers will only accept hard copies of transfer paperwork that you’ve signed by hand and won’t accept a digital signature.

In these cases, we may need to post you paperwork to sign. We’ll always aim to make this as easy as possible, using technology whenever we can. Your personal BeeKeeper can tell you ahead of time what your old providers will and won’t accept, so you’ll know what to expect.

What do I have to do if I’ve changed my name?

If you change your name after setting up your PensionBee account, we’ll need some documents from you showing proof of your change of name. Please reach out to your BeeKeeper for more information.

Who’s eligible to be a PensionBee customer?

Anyone with an existing UK pension can become a customer of PensionBee, regardless of nationality or tax residency. If you’re self-employed, you can start a pension with PensionBee without needing an existing pension.

However, only relevant UK individuals are eligible for tax relief on their contributions. You can find out if you’re eligible here. Withdrawals must be paid into a UK bank account with a bank directly regulated by the Prudential Regulation Authority (PRA). We’re unable to authorise payments to bank accounts that don’t meet this criteria.

About locating and transferring pensions

Can PensionBee trace my pension for me?

While we’ll do everything we can to help you transfer your pensions, we can’t trace an old pension without any details. If you don’t have the policy number to hand, we’ll need you to tell us who your pension provider is - e.g. ‘Scottish Widows’ or ‘Aegon’. If you can’t find this information, you’ll need to contact the government Pension Tracing Service before we can attempt to transfer your pension. You can check whether you have a pension by answering a few simple questions on our Do I have a pension? page.

You’ll be asked to input this information as part of our sign up process. If you have any further information that might be useful to us, you can add it in your BeeHive. The more information you can give us, the easier it will be to speak to your old provider, and transfer your money. If you can’t provide this information, PensionBee won’t be able to start the transfer process.

How do you transfer my pension?

When you sign up to PensionBee, we’ll ask you a limited amount of information about yourself and your pension in order to contact your old provider to begin the transfer process. You’ll speed things up if you can provide us with information about your previous pension such as the name of your pension provider or policy number.

How long will it take to contact my provider and transfer my pension?

On average, it takes 12 weeks to process and transfer your old pensions. We rely on your pension providers to give us information about your old pensions and some of them are quite slow.

If you have your old paperwork, you can speed up the process by telling us your provider name, policy number and an estimated balance in the BeeHive.

Do I have to sign anything?

We believe that putting your pensions in one place should be easy and hassle-free. Therefore, when we gather information about your pensions, we’ll only ask you to sign once digitally.

As part of your sign up, you must confirm that you authorise us to use your signature digitally or physically by placing it on a standard letter of authority.

Most providers will accept a letter of authority with a digital signature, but if your provider insists on using paper with “wet” signatures, we’ll use our robot, Armie, to transpose your digital signature onto a piece of paper. Watch the video of how it works.

We’ll treat your signature as we treat all of your personal information in accordance with our Privacy Policy.

If your provider requires transfer forms, you’ll need to sign these. Most customers can now sign these digitally, but very occasionally, we may need to post them out to you.

What happens if I only have a pension that’s being paid into by my employer?

If you only have one “active” pension, that your employer’s still paying into, you have a few options:

  • Ask your employer if they’re happy to stop paying into your active pension and pay into your new PensionBee pension instead
  • PensionBee can attempt a partial transfer of your funds
  • We can wait until you change jobs.

Most customers usually wait until they move jobs before transferring an active pension – to ensure they don’t lose any special benefits from their current employer.

About transferring a specific type of pension

Can I transfer a public service pension (NHS, police force, army, etc)?

The government doesn’t allow the transfer of unfunded government schemes, including those of the NHS, teachers, the army, the civil service, police, firefighters and also most local government pensions.

Can I transfer a defined benefit pension to PensionBee?

If your old pension has guarantees, such as guaranteed annuity rates or a final salary promise, we’ll send you the full paperwork to review before we transfer it.

If you have a pension with guaranteed benefits over £30,000, you’re required to take financial advice from an independent financial adviser (IFA) before you transfer it. Where you’re required to receive advice, PensionBee will only be able to accept the transfer if the IFA has advised that the transfer should proceed. We’ll require evidence of this positive advice before proceeding with the transfer. PensionBee doesn’t provide financial advice and you’ll need to find an adviser.

Can I transfer a pension that I’m already accessing?

Yes, you can transfer pensions that are already in drawdown.

Can I transfer an international pension to PensionBee?

Unfortunately we cannot transfer any international pensions to PensionBee.

About the PensionBee plans and fees

What is the PensionBee investment philosophy?

We believe in offering good value pension plans, based on low investment costs and diversity in investment.

How much does it cost to use PensionBee?

We don’t charge you any fees to transfer your pensions to PensionBee. There’s just one annual management fee, automatically deducted from your pension periodically. This is calculated based on the daily value of your PensionBee Plan. If you withdraw your pension in full (available from the age of 55, rising to 57 from 2028), switch plans or transfer your pension to another provider, you’ll only be charged a proportion of the annual management fee calculated up to when your request has been completed.

For pensions under £100,000 you’ll pay one annual fee of 0.50 - 0.95%, depending on which plan you choose. If your pot size is larger than £100,000 we’ll halve the fee on the portion of your savings over this amount.

You can find more information on our Fees page.

Where can I learn more about the plans?

Our pension plans page details the differences between all the plans currently available. Each plan also has a link to a plan factsheet.

What are the risks of investing my money in a PensionBee plan?

As with all pensions, your capital is at risk. Your PensionBee plan will go up and down in value and you may get back less than you started with.

You should take the time to look at the available plans so that you can make your own decision based on what’s right for you as you will bear the risks of your decision.

Please note that your money is managed by some of the largest money managers in the world and not by PensionBee.

Does PensionBee charge a fee to change my plan?

No, we don’t charge any fees to change your plan but there are transaction costs associated with switching, make sure you read How much does it cost to use PensionBee and how does this compare to other providers? You can change plans through the BeeHive.

Why is my balance not updating in real time?

At PensionBee your pension balance will reflect changes to the market two working days after they have occured, rather than in real time, like in an Exchange Traded Fund (ETF).

This is because PensionBee uses insured index funds with the highest level of Financial Services Compensation Scheme (FSCS) protection should a money manager fail. We do this as many of our customers are moving away from workplace pensions (often structured as contracts of long term insurance) to join PensionBee and we consider it important to offer the same type of insured funds that benefit from the 100% protection level.

These types of funds - for practical reasons - have their unit prices calculated retrospectively once a day and we use the latest available price from the money manager. They are distinctly different to other types of retail funds found with fund supermarkets,for example ETFs, which may update more regularly, often in real time, but do not offer the same level of FSCS protection.

Is my pension protected by the Financial Services Compensation Scheme?

The typical customer will spend the majority of their relationship with PensionBee invested in the PensionBee Personal Pension. During this period of time the money manager arranges for the safekeeping of the pension assets using global custodians, including Bank of New York Mellon (BlackRock), State Street Bank (State Street) and Citibank (Legal & General Investment Management).

The holdings in the PensionBee Personal Pension are structured as long-term insurance contracts, which means that if something happens to the money managers and the FSCS accepts the claim, they would cover the pension at 100% with no upper cap. Because PensionBee has arranged for the contracts with the money managers, it will pursue the compensation on your behalf.

Additional information on the FSCS applicability to pensions and to PensionBee is available here.

About contributions

How do I make a contribution?

Go to the Funds tab in your mobile-app or Contributions tab when logging in through a web browser to get started. Then, select the type of contribution you want to make - personal, limited company, or employer contribution - and fill out a short online form. You can choose to make monthly or one-time contributions using Easy bank transfer or standing order. If you’re self-employed, contributing to your PensionBee pension is flexible and you can contribute as much or as little as you like, as often as you like.

You can make pension contributions from your personal, business, or joint bank account. However, with contributions from joint bank accounts your bank shouldn’t require more than one signature for this. If it does, you can still contribute by setting up an Easy bank transfer. Please contact your dedicated account manager (known as your BeeKeeper) if you need more information.

It’s free to make contributions into your pension and there are no minimum contribution amounts. Simply follow the instructions on-screen when making a contribution. If you’re still feeling unsure, you can watch our step-by-step guide on ‘How to make an Easy bank transfer‘ on YouTube.

How long does it take?

How long it takes to process your contribution differs, depending on whether you set up an Easy bank transfer or a standing order. Once money clears in our bank account, your contribution will show as a ‘Personal contribution’ in the balance tab in your BeeHive.

Easy bank transfer contributions

When using Easy bank transfer, your funds will typically arrive instantly though could take longer in some instances. It’ll take up to five working days for our money managers to invest your funds into your pension.

Bank transfer contributions

By setting up a bank transfer you will need to make the payment via your bank. Depending on your bank, setting up a bank transfer can take different amounts of time.

Once the payment has left your account, it can take around 8 working days for your funds to show as ‘live’ in your account. This includes the time taken for your funds to arrive in our account and be reconciled which is 2-3 working days, plus 5 working days for our money managers to invest your funds into your pension.

Are there any tax advantages to making contributions?

If you’re making a personal contribution and you’re eligible for tax relief, you’ll also receive a 25% tax top-up. For every £100 you put into your PensionBee pension, the government will add another £25. We’ll automatically claim your 25% tax top up and add it to your balance.

If you’re making a limited company contribution and you are a company director, your contribution could be classed as a business expense instead of salary. As a result, you could save on corporation tax and also National Insurance and income tax. There are no additional tax top-ups from HMRC for limited company contributions. Check with your accountant if you’re unsure about whether to contribute from your company or your personal bank account.

I have my own business, do I make a personal or limited company contribution?

If you’re a sole trader, you can only make a personal contribution. If you’re the director of a limited company, you can make limited company contributions into your pension, as well as personal contributions, via your BeeHive.

If you’re making a limited company contribution, the money needs to come from your business account. If you want to make a personal contribution, the payment needs to come from your personal account.

Are there any charges for setting up contributions?

No, it’s free to make contributions to your pension. You simply pay your normal annual management fee of between 0.50% and 0.95%, depending on the plan you’ve chosen.

Are there any minimum contribution amounts?

There are no minimum contribution amounts. You can save any amount into your pension, as often as you like.

How do I amend or cancel my regular contribution?

To make changes or cancel your contribution, you’ll need to edit your contribution in your banking app. If you cancel your contribution, you’ll also need to log into your BeeHive afterwards to confirm you’ve cancelled it.

If you want to amend the amount or regularity of your contribution, you can do so without informing us.

I have a joint bank account, can I still make contributions?

Yes, you can. Make sure there’s not more than one signature required by your bank. If your account does require multiple signatures you can still make contributions by setting up a bank transfer. Please get in touch with your BeeKeeper for more information.

What kind of personal contributions does PensionBee accept?

PensionBee only accepts personal contributions that are eligible for tax relief. You can find out if your contributions are eligible directly below.

Am I eligible for tax relief on my contributions?

To be eligible for tax relief, you must be under the age of 75 and classed as a ‘relevant UK individual’.

To be a relevant UK individual, you’ll need to be in at least one of the following categories:

  • You are/were a UK resident for tax purposes at some point during the current tax year
  • You are/were a UK resident for tax purposes at some point during the last five tax years, and when signing up to PensionBee
  • You have a spouse/civil partner with general earnings from overseas Crown employment, subject to UK tax
  • You have ‘relevant UK earnings’†, subject to income tax

*†Relevant UK earnings are normally your total taxable earnings from UK-based work. This includes earnings from employment, self-employment and bonuses. It generally doesn’t include any investment income.

You are generally unable to claim tax-relief on contributions above your relevant earnings. If you earn less than £3,600 annually or don’t earn anything, the maximum amount you can contribute to your pension whilst receiving tax-relief is £2,880 net, bringing your total annual contribution to £3,600 gross once tax relief is added.*

What’s the difference between a tax top up and tax relief?

If you’re a registered tax payer, you won’t have to pay tax on your pension contributions (up to a limit). This is known as tax relief.

The amount of tax relief you receive is dependent on the amount of income tax you pay. For most people, it’s 20%.

This means that for every £100 you contribute to your pension, £20 of that is claimed back as tax relief. In effect, you only have to pay in £80 for every £100 that lands in your pension.

Here’s another way to think of it... for every £80 you personally contribute to your pension, the government tops it up by £20. In effect, you receive a 25% tax top up.

So whether you view it as 20% tax relief or a 25% tax top up, the result is the same.

How much tax do you pay inside IR35 on pension contributions?

The amount of tax you need to pay on pension contributions doesn’t change if you’re inside IR35.

The £60,000 annual pension allowance and the £1,073,100 lifetime allowance are unaffected.

If you find that your take-home income decreases as a result of IR35, you may be able to minimise your tax liabilities by increasing your pension contributions.

About drawdown

How do I drawdown from my pension?

When you reach 55, you can start withdrawing money from your pension. You can take up to 25% as a tax-free sum, and leave the rest invested. How much you drawdown and how often you do so is totally up to you.

Our drawdown option gets activated as soon as you reach your 55th birthday. From then on it’s just a case of visiting your BeeHive, and answering some simple questions to access your money. You’ll also need to pass an extra security check, by either taking a picture or uploading a copy of one of the following:

  • Passport
  • Driver’s licence
  • National identity card

Please make sure you have one of these documents to hand, and a smartphone if you’d prefer to take a picture.

How long does it take to receive my money?

If withdrawal requests are made before 12pm on a working day, we’ll aim to make a trade request on that particular day. Requests made after 12pm may be processed the following working day. As long as there are no issues verifying your bank details, it should take around 10 working days for you to receive your money.

How much does drawdown with PensionBee cost?

Unlike other providers we won’t charge you extra fees for drawing down your pension. However if your pot has been with PensionBee for less than a year and you wish to withdraw it in full, then a full withdrawal fee of £150 applies, including if the value of your account is less than £150 at the point of withdrawal.

How often can I drawdown?

Pension drawdown becomes available from the age of 55 (57 from 2028). You can make one taxable cash withdrawal per tax month.

There’s no forms to sign as everything is done digitally, including your emergency tax payment to HMRC. Paying out your cash typically takes 10 working days.

Every PensionBee customer gets their own dedicated BeeKeeper. They’ll be on hand to answer any questions you might have, throughout the drawdown process.

How much tax will I pay?

You can take up to 25% of your pension pot tax-free, either as a lump sum or as a portion of each withdrawal. The remaining 75% of your pension pot is subject to income tax.

When you withdraw a taxable lump-sum from your pension, an emergency tax rate will be charged until your individual tax code is received from HMRC directly. Please note, individual tax codes provided by HMRC can also be on an emergency tax basis. As pension tax works in the same way as income tax, your pension provider will use the Pay As You Earn (PAYE) system to deduct any tax due before you receive your payment. For payments processed using an emergency tax code, under PAYE, any payments you receive will be treated as though they will continue to be paid each month like a regular salary or income.

How can I get back emergency tax?

You can reclaim emergency tax on your withdrawals by contacting HMRC directly, and completing a tax claim form. Please keep the payslip we issue when you make a withdrawal in a safe place, and refer to it when contacting HMRC.

Can I transfer a pension already in drawdown?

While the answer is generally yes, there are a few things you need to be aware of before making the decision to transfer a pension in drawdown. If your current pension’s in Capped Drawdown, it’ll be converted to Flexi-Access Drawdown. Flexibly accessing your pension after converting would result in you becoming subject to the Money Purchase Annual Allowance.

If your current drawdown product is giving you a regular monthly income, please note that this isn’t a feature we accommodate at the moment – you’ll need to make a new request each time you want to draw down part of your pension.

Can I drawdown part of my 25% tax free cash now, and some at a later date?

Yes, PensionBee offers the ability to be completely flexible with your drawdown.

Do I have to fill any forms to take money out of my pension?

Before withdrawing money from your pension, we’ll ask you to confirm that you’re happy to go ahead with the withdrawal, have considered taking advice and haven’t exceeded your Lifetime Allowance.

What type of account am I able to withdraw money into?

Withdrawals must be paid into a UK bank account in the name of the customer, with a bank directly regulated by the Prudential Regulation Authority (PRA). We’re unable to authorise payments to any bank accounts that do not meet this criteria.

About pension annuities

Can I purchase a pension annuity from PensionBee?

Yes, we have a partnership with Legal & General to enable our customers to purchase a pension annuity via Legal & General. Just go to our Pension Annuity landing page to find out more.

Does purchasing a pension annuity via PensionBee cost anything?

We earn a referral fee of 1.25% of the total money used to purchase a pension annuity from Legal & General, however this fee has no impact on the annuity income you receive.

About the PensionBee referral programme

Are there rewards for referring friends to PensionBee?

Yes! We’ll make a £100 contribution into your pension if you tell a friend about us and they open a PensionBee account with a pension balance of £100 or more.

How does the referral scheme work?

Once you’ve signed up to PensionBee, we’ll send you an email with your very own referral link to share with your friends. You can also find your referral link under the ‘Account’ tab in your BeeHive. If a friend follows this link and signs up to PensionBee, we’ll add £100 to your pension once they have successfully opened an account with us and added £100 or more to it.

The £100 is made up of £80 from PensionBee and £20 tax relief from HMRC, so you need to be eligible for pension tax relief to receive the full amount.

Please read the full terms and conditions to check your eligibility.

How many friends can I refer?

You can refer up to 50 friends to PensionBee.

About transferring out of PensionBee

How do I transfer my pension out of PensionBee?

If your provider is using Origo Options, they’ll need to request a transfer through the electronic system. Please ask them to search for PensionBee in order to avoid delays.

If your provider is not using Origo Options, they’ll need to email their completed transfer-in forms to [email protected]. If these forms are not complete, it’s likely we’ll require further information to initiate a transfer.

We’ll send you a confirmation email to let you know when we’ve received your new provider’s completed forms.

PensionBee can only transfer out to UK based, FCA regulated pension schemes. If you’re planning on moving abroad, and taking your pension with you, please read our article, Overseas pension transfers, for more information.

How long does it take to transfer my pension out of PensionBee?

The transfer out process begins when your new provider sends us all of the required information to complete your transfer out. We’ll send you a confirmation email too.
From this point, PensionBee aims to transfer to most other Financial Conduct Authority regulated personal pension companies on Origo Options within 14 days. The majority of the industry has subscribed to this service.

Due to the threat of pension scams, which include fraudulent companies and also pension liberators who promise to release monies in your pension before the age of 55 while avoiding onerous tax charges, other transfers may take longer and we are required by the regulators to perform additional due diligence checks.

This process may be dependent on obtaining important information from third parties (such as HMRC) and whilst this could take up to 6 months, the legal deadline for pension transfers, we will endeavour to complete this as soon as possible. It’s important for us to complete our diligence, as otherwise, you and we may be subject to onerous tax charges from HMRC. We may decline a transfer out in order to meet our regulatory obligations.

Are there any exit fees for transferring out of PensionBee?

We don’t believe in exit fees, so we won’t ever charge you if you decide to leave PensionBee.

About PensionBee security and data protection

How do you protect my personal information?

At PensionBee we take the security of your personal information very seriously. We take administrative, legal, technical and physical precautions to ensure the security of your information in accordance with the Data Protection Act 2018 and the UK General Data Protection Regulation (“UK GDPR”).

By entering your information into our system, you give us permission to use your information in accordance with our Privacy Policy.

How can I update my personal details?

You may find that your personal details, like your registered address or name, are no longer correct. If that’s the case, all you need to do is provide some supporting evidence to help us verify your new personal details. We’ll ask you to complete a Facial Similarity Check (FSC) to ensure that your request is genuine and not the result of fraud. If you’re changing your address to another UK address, this can be done in your BeeHive. If you’re changing your address to an international address, you’ll need to submit a written request to your BeeKeeper directly. Your BeeKeeper can guide you through this process if you have any further questions or concerns.

What are the digital security policies of PensionBee?

All communications between your browser and our website are secured using 128-bit TLS encryption, to ensure that only people authorised to view your personal information can do so. Information is stored in secure databases and data centres accredited to multiple internationally recognised standards. Our security controls are tested on an annual basis by independent experts.

How do I protect myself against pension scams?

According to The Pensions Regulator, thousands of people have lost their life savings after falling for a pension scam.

Here’s how to protect yourself in 5 steps:

  1. Be wary of cold calls, unsolicited texts and emails. Scammers will often claim they’re from Pension Wise or other government-backed bodies. These organisations would never phone or text to offer a pension review.
  2. Check the companies you are working with are on the Financial Conduct Authority register. You can search by name or registration number. For example, PensionBee’s registration number is 744931. You can also check the Financial Conduct Authority’s scam warning webpage. Do some Google research and read online reviews with “verified orders”.
  3. Steer clear of overseas investment deals or “guaranteed” returns. Well-known scam types include unregulated investment in a hotel, vineyard or other overseas opportunities, and where your money is all in one place – and therefore more at risk. You can never guarantee returns on an investment.
  4. Don’t be rushed into a decision. Scammers will try to pressure you with ‘time limited offers’ or send a courier to your door to wait while you sign documents. Take your time to make all the checks you need – even if this means turning down an ‘amazing’ deal.
  5. If you’re aged 50 or over, talk to Pension Wise.

Who is Onfido?

Onfido is an identity verification provider that we’ve partnered with to improve the security and efficiency of our service. Onfido aims to reduce the chance of identity theft and pension fraud by checking that any ID documentation uploaded to the PensionBee app (such as a passport, driving license or selfie) is legitimate and genuine.

About PensionBee

When and why was the company established?

The company was established in 2014 to help sort out the UK’s pension mess – excessive complexity, impossible jargon, hidden fees and lack of transparency. We’re excited to make the UK pension system work for all pension savers. Read more about our vision.

Who are the people behind PensionBee?

We’re a multi-disciplinary team, passionate about changing the pensions industry. Some of us, including CEO Romi Savova, are finance professionals, while others are marketing experts, tech whizzes or design pros. And our BeeKeepers are the pension finders and the customer service experts in our midst. It’s one of them you’re likely to speak to if you give us a buzz.

This combination means we can create a platform that looks good and works beautifully. It means we can offer you a pension plan that’s fit for the 21st century.

Who owns PensionBee?

PensionBee is a publicly owned company. Our holding company PensionBee Group plc is listed on the London Stock Exchange (LON:PBEE), with a mixture of institutional and private investors holding shares in PensionBee. Our operating company PensionBee Limited is registered on Companies House (09354862) and is regulated by the Financial Conduct Authority (744931).

How does PensionBee make money?

We charge one annual management fee, ranging from 0.50% - 0.95%, depending on which plan you’re in.

The annual management fee is automatically deducted from your pension periodically. This is calculated based on the daily value of your PensionBee Plan. A portion of the annual fee is split with your plan’s money manager. If you withdraw your pension in full (available from the age of 55, rising to 57 from 2028), switch plans or transfer your pension to another provider, you’ll only be charged a proportion of the annual management fee up to when your request has been completed.

It’s our philosophy to make pensions simple, by displaying one easy-to-understand fee, which is why we don’t disclose the fee split between PensionBee and each of our money managers.

You’re free to leave or switch at any time, however, if your pot has been with PensionBee for less than a year and you wish to withdraw it in full, then a withdrawal fee of £150 applies.

Is PensionBee authorised and regulated by the Financial Conduct Authority?

Yes, PensionBee is authorised and regulated by the Financial Conduct Authority (FRN: 744931). You can see this in the Financial Conduct Authority’s register.

Does PensionBee give advice?

No, we do not provide financial advice. At PensionBee, our mission is to empower customers to make the best financial decisions for themselves. You can find pension advice from several other places however.

Does PensionBee have an App?

Yes, we do! Our mobile app is available for existing customers in the iTunes and Google Play stores, and you can use it to access your real time pension balance with PensionBee - without needing to log into the BeeHive through a web browser.

About living overseas

Can I transfer an international pension to PensionBee?

No, unfortunately, we can’t transfer a pension from outside the UK into your PensionBee plan.

I don’t have a UK address, what do I do?

It’s OK if you don’t have a UK address at the moment, but you’ll need to tell us your previous UK address when you sign up.

Please be aware that we use emails wherever possible and don’t send our customers letters unless we really have to (e.g. your old provider demands a physical copy of your signature on one of our letters).

After you’ve signed up, you can request that we update your address by calling us on 020 3457 8444, and we can amend this using a bank statement or utility bill. It must be from the country that you now reside in and must be dated within the last three months. Please note: we won’t be able to register you with an overseas address until you’ve left the UK.

What’s a ‘QROPS’ and does PensionBee support it?

A QROPS (Qualifying Recognised Overseas Pension Scheme) is a type of overseas pension scheme which allows you to transfer your UK pension abroad.

Unfortunately, PensionBee doesn’t transfer to any QROPS, so you’ll need to transfer your pension to another provider who supports QROPS.

Can I use a foreign bank account to withdraw or contribute money?

All contributions and withdrawals must be made from and to UK institutions. Additionally, all withdrawals must be paid into a UK bank account with a bank directly regulated by the Prudential Regulation Authority (PRA). We’re unable to authorise payments to or from any bank accounts that do not meet this criteria.

Can I contribute to my PensionBee pension if I’m not based in the UK?

As long as you’re still classified as a ‘relevant UK individual’*, you can keep paying into your PensionBee pension. If you’re not classified as a relevant UK individual, you won’t be able to contribute.

  • To be a relevant UK individual, you’ll need to be in at least one of the following categories:

  • You are/were a UK resident for tax purposes at some point during the current tax year

  • You are/were a UK resident for tax purposes at some point during the last five tax years, and when signing up to PensionBee
  • You have a spouse/civil partner with general earnings from overseas Crown employment, subject to UK tax
  • You have ‘relevant UK earnings’†, subject to income tax

†Relevant UK earnings are normally your total taxable earnings from UK-based work. This includes earnings from employment, self-employment and bonuses. It generally doesn’t include any investment income.

Can I claim tax relief if I’m not based in the UK?

Yes, as long as you’re still classified as a ‘relevant UK individual’*.

  • To be a relevant UK individual, you’ll need to be in at least one of the following categories:

  • You are/were a UK resident for tax purposes at some point during the current tax year

  • You are/were a UK resident for tax purposes at some point during the last five tax years, and when signing up to PensionBee
  • You have a spouse/civil partner with general earnings from overseas Crown employment, subject to UK tax
  • You have ‘relevant UK earnings’†, subject to income tax

†Relevant UK earnings are normally your total taxable earnings from UK-based work. This includes earnings from employment, self-employment and bonuses. It generally doesn’t include any investment income.

If you’re not classified as a relevant UK individual, you won’t be able to claim tax relief.

What will happen to my PensionBee pension if I move abroad?

You now have the choice of what you’d like to do with your pension if you move abroad.

This means you can choose to leave your pension where it is, and you can even continue to pay into your UK pension plan. There may be a limit to the amount of tax relief you can claim though, so you should look into this more if you are thinking of continuing payments.

Alternatively, you may be able to transfer your pension to a Qualifying Recognised Overseas Pension Scheme (QROPS). PensionBee does not transfer to any QROPS schemes and you will need to transfer out to another provider who can facilitate this transfer for you.

I am or, I will soon be a UK Citizen resident in the EU/EEA, did Brexit affect my Pension rights?

Following the end of the Brexit Transition period on 31st December 2020, the United Kingdom left the EU. As a result, the financial services landscape has changed with regards to the provision of financial services between the UK and the EU. PensionBee is an execution only service provider, meaning it is up to you to decide if PensionBee is right for you. If you are uncertain, you may wish to consider obtaining the appropriate financial, tax and legal advice as appropriate where it is likely you or your pension(s) may be affected by these changes.

Other questions

What will happen to my PensionBee pension if I die?

Pensions aren’t considered to be part of your estate. Some conditions will apply depending on how old you are when you die and the type of pension you have in place. You can set up your PensionBee beneficiaries in the BeeHive.

For defined contribution pensions:

  • If you die before age 75 and haven’t touched your pension, your beneficiaries have two years to claim your entire pot tax free.
  • If you die before age 75, and have already started accessing your pension via drawdown, it’s possible for your beneficiaries to access your pot as a tax-free lump sum or sometimes to receive regular drawdown payments tax-free.
  • If you’re older than 75 when you die, your defined contribution pension won’t be subject to inheritance tax, however your beneficiaries will have to pay income tax at their usual rate.

For defined benefit pensions:

  • If you die before age 75, and haven’t touched your pension, your beneficiaries will usually receive a tax-free lump sum. Your pension may pay out a lump sum worth two to four times your salary. Check with your scheme administrator for more details.
  • If you’re older than 75 when you die, it’s likely that your spouse, civil partner or dependant will receive a portion of your pension, however this may be subject to tax charges.

You can read more about what happens in the Key Features document.

Does PensionBee take clients with US tax/FATCA reporting requirements?

PensionBee is an active Non-Financial Foreign Entity as we do not hold client money. There is an agreement between the UK and the US that there is no reporting requirement for HMRC-registered pension schemes that are generally exempt from income tax and established to provide an income in retirement. The contracts with the investment managers are directly with PensionBee and not with the customers, therefore the investment managers also do not need to report on US end-clients.

Does PensionBee have an approach to Modern Slavery?

Modern slavery is a crime and a violation of fundamental human rights. It takes various forms, such as slavery, servitude, forced and compulsory labour and human trafficking, all of which have in common the deprivation of a person’s liberty by another in order to exploit them for personal or commercial gain.

PensionBee has a zero-tolerance approach to modern slavery and we are committed to acting ethically and with integrity in all our business dealings and relationships to implement and enforce effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or our supply chain.

We are also committed to ensuring there is transparency in our own business and in our approach to tackling modern slavery throughout our supply chain. We expect the same high standards from all of our contractors, suppliers and other business partners.

Have a question?Call our UK team020 3457 8444

Monday-Friday: 9:30am-5pm