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 Pension Tracing Service.

Once you have 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, 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?

These days, most providers don’t charge any exit fees. However, if we’re searching for your pensions we’ll let you know if we find any exit fees over £10.

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 are required to take financial advice from an inependent financial adviser (IFA) before you transfer it. PensionBee does not provide financial advice and you will need to find an adviser.

You can find a list of the most common benefits and guarantees to look out for here.

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 is just an annual management fee, which is automatically deducted from your pension on a daily basis. 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 0.02% and they range from -0.15% to 0.06%. To learn more about transaction costs and how they have been calculated, you can download our explanatory paper here.

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?

Yes, absolutely, as long as they are happy to. If this is the case, you’ll need to complete the form on the contributions page in your BeeHive. This will generate a declaration that will be sent to your employer, and once they’ve signed it your employer can start contributing to your PensionBee pension via bank transfer.

If you’re the director of a limited company, you can make employer contributions into your pension directly from your BeeHive. Your BeeKeeper can help you set this up.

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?

No. We want PensionBee to be the best solution for combining your old pensions into one online plan, so we don’t offer new pensions for customers who don’t wish to combine their pensions with PensionBee.

Do I have to do anything before signing up to PensionBee?

No. Signing up to PensionBee takes less than five minutes and you can always go back and add in information about your pensions later.

That said, it’s a good idea to ensure your records are up to date at the time you add your pensions, as any missing or incorrect information can cause delays to the transfer process.

Once you’ve told us about your old pensions we’ll start contacting your pension providers to begin the process of moving your money to your new PensionBee pension. To do this we use a letter of authority which has your details on it.

If we discover that any of your pension providers charge an exit fee of more than £10, or that your pension comes with special benefits or guarantees (such as a guaranteed annuity rate), we’ll ask your permission before we complete the transfer. You can find a list of the most common pension benefits and guarantees here.

If there’s a mismatch between our letter of authority and your provider’s record, we won’t be able to help you transfer your pension.

Is there anything else I have to do?

Once you’ve added your pensions and confirmed your transfer, if we’ve contacted you about any exit fees or guarantees, you won’t need to do anything else.

You’ll be able to check the status of your pension transfers in your BeeHive, 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 transfers are complete you’ll be able to see all of your pension savings in your new PensionBee pension within 12 weeks.

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.

To use PensionBee, you need to first consolidate one or more of your old pensions into a new PensionBee pension. This means moving money from your old providers to your new PensionBee plan, which you’ll be able to manage online in a few clicks.

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 pension first.

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

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. 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 (usually those with older, paper-based systems) 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 always try to 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.

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. 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 you to send us a copy of a ‘proof of name change’ document, showing your new name. This could be a marriage certificate or deed poll.

Who is eligible to be a PensionBee customer?

Anyone with an existing UK pension can become a customer of PensionBee, regardless of nationality or tax residency.

However, only relevant UK individuals are eligible for tax relief on their contributions. You can find out if you’re eligible here.

About locating and transferring pensions

How do you locate and transfer my pension?

When you sign up to PensionBee, we’ll ask you a limited amount of information about yourself in order to locate and transfer your pension. 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 locate and transfer my pension?

On average, it takes up to 12 weeks to locate 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 here.

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 is 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
  • Or, 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 benefits from their current employer.

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’.

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 faster we can find and transfer your money. If you can’t provide this information PensionBee won’t be able to locate your old pension.

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, fire-fighters 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 will send you the full paperwork to review before we transfer it.

If you have a pension with guaranteed benefits over £30,000, you are required to take financial advice from an independent financial adviser (IFA) before you transfer it. PensionBee does not provide financial advice and you will 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.

Where can I learn more about the plans?

Our plans page details the differences between the seven 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 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.

Is my pension protected by the Financial Services Compensation Scheme?

You might know about the £85,000 limit for compensation on savings deposits, if a bank, building society or credit union goes bust. The Financial Services Compensation Scheme (FSCS) also protects pensions. Specifically, the FSCS covers pensions and annuities, which are defined as “long term insurance contracts” to 100 per cent of the claim, with no upper limit. The holdings in the PensionBee Personal Pension are structured as long-term insurance contracts and therefore benefit from this protection status should something happen to one of the money managers.

About contributions

How do I make a contribution?

When you sign up to PensionBee, you’ll find a contributions tab in your BeeHive. Click on the tab and decide if you want to make a personal or employer contribution. Once you’ve done that, simply fill in the short online form.

You can make a single one-off contribution or set up a regular contribution using Direct Debit. Simply follow the instructions on-screen when making a contribution.

How long does it take?

After you fill in the online form, your contribution will show up as ‘pending’ in your history tab. How long it takes to process your contribution differs, depending on whether you set up a Direct Debit or a bank transfer.

If there are any issues with either payment method, your BeeKeeper will be in touch.

Direct Debit contributions

Depending on your bank it can take around 12 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, plus 5 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 an employer contribution and you are a company director, your contribution can be classed as a business expense instead of salary. As a result, you’ll save on corporation tax and also National Insurance and income tax. There are no additional tax top-ups from HMRC for employer 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 employer 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 employer contributions into your pension, as well as personal contributions, via your BeeHive.

If you’re making an employer 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?

It’s easy to make changes or cancel your contribution. Simply go to your BeeHive, click on the contributions tab, and follow the instructions.

With a Direct Debit, you can amend your contribution amount, the payment date, and your source of funds from within the BeeHive. If you want to change your bank account details, you’ll need to cancel your existing Direct Debit with us and set up a new one.

If you want to amend the amount of your regular contribution by bank transfer, you must first cancel your existing contribution. This can be done via your BeeHive, and then you’ll need to set up a new contribution with the amended amount.

I have a joint bank account. Can I still set up a Direct Debit?

Yes, you can. Make sure there’s not more that 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 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.

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.

How long does it take to receive my money?

As long as there are no issues verifying your bank details, it will take around 7-10 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 £480 applies. This fee will also be charged should the value of your account be less than the £480 fee at the point of withdrawal.

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.

Whenever you withdraw a taxable lump-sum from your pension, an emergency tax rate will be charged. 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. 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. You’ll also only receive 1/12th of your personal allowance, which is the amount of income everyone is allowed to receive before tax is charged.

How can I get back emergency tax?

Due to our current procedures, we use an emergency tax code for all pension withdrawals. 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 is in Capped Drawdown, it will be converted to Flexi-Access Drawdown. This means you’ll become subject to the Money Purchase Annual Allowance as soon as you take any income payment.

If your current drawdown product is giving you a regular monthly income, please note that this is not a feature we accommodate at the moment – you will need to make a new request each time you want to drawdown 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 provide any ID to take money out of my pension?

We don’t usually ask you to provide ID to withdraw money from your pension as we complete a series of online security checks. In rare instances, you may need to provide a bank statement dated within the last 3 months if it’s your first withdrawal, and if you’ve failed our automated bank verification.

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. You can find out more about the Lifetime Allowance here.

About the PensionBee referral programme

Are there rewards for referring friends to PensionBee?

Yes! We’ll put £50 in your pension if you tell a friend about us and they transfer a pension to PensionBee. We’ll also put £50 in your friend’s pension once their transfer completes.

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. If a friend follows this link and signs up to PensionBee, when their first pension goes live we’ll add £50 to your pension and £50 to your friend’s pension.

The amount is made up of £40 from PensionBee and £10 tax relief, so you need to be eligible for pension tax relief to receive the full amount.

Please read the full terms and conditions here.

How many friends can I refer?

There’s no limit to the number of friends you can refer and the number of rewards you can receive.

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 *enquiries@pensionbee.com*. 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.

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 General Data Protection Regulation (GDPR) (EU) 2016/679.

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

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 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.

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 mission here.

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 privately owned company. State Street Global Advisors, the world’s third largest money manager, is the largest external shareholder in PensionBee. Our registered Company Number on Companies House is 09354862.

How does PensionBee make money?

Using PensionBee to locate your pensions is always completely free. The only fee you pay once your pension is invested is the annual management fee, ranging from 0.50% - 0.95%, depending on which plan you are in.

We’ll automatically deduct your annual fee from your pension on a daily basis and split it with your money manager – which could be Legal & General, BlackRock, State Street Global Advisors or HSBC.

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 £480 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.

Prior to August 2016, PensionBee was regulated as an appointed representative (FRN: 710821). The sponsoring firm is no longer in operation.

What would happen to my pension if PensionBee ceased to exist?

PensionBee does not manage money. Our plans are provided by the world’s largest investment managers who would continue to invest your pension if we ceased to exist. Additionally, your pension is protected by the Financial Services Compensation Scheme for 100% of the value should one of the money managers fail.

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 them. You can get pension advice from several places, and we’ve listed some of them here.

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 an old 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 we can amend your address details 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?

Withdrawals and contributions 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.

Other questions

What will happen to my PensionBee pension if I die?

If you die before the age of 75 without having accessed your pension, your pension will pass to your beneficiaries, usually without inheritance tax deductions. You can set up your PensionBee beneficiaries in the BeeHive.

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 team 020 3457 8444

Have a question?

Call our UK team

020 3457 8444

Monday-Wednesday 9:30am-6pm, Thursday-Friday 9:30am-5pm

Monday-Wednesday 9:30am-6pm
Thursday-Friday 9:30am-5pm