Pension fees

At PensionBee, we take care of your pension for one simple annual fee.

pensionbee mobile balance
pensionbee mobile balance

Combining your pensions with PensionBee's free

Joining PensionBee's free, and we won’t charge you for transferring your old pensions to us - whether you transfer one or more.

Will I lose money during the transfer process?

Sometimes your old provider may charge you an exit fee when you decide to leave their scheme. If we discover that your pension provider charges an exit fee of more than £10, we’ll ask your permission before we complete the transfer. If you’ve got a pension with certain special benefits worth more than £30,000, you’ll have to seek independent financial advice before you can transfer it to a new provider.

Important: With investments, your capital is at risk. Pensions can go down in value as well as up, so you could get back less than you invest.

Pay one annual management fee

Our pension plans are specially designed to suit different savings needs. You’ll pay between 0.50% and 0.95% depending on the plan you choose, and we'll halve the fee on the portion of your savings over £100,000.

Transaction costs

Whenever you invest your money, whether it's in a pension, ISA or other investment product, transaction costs will apply. Our pension plans are no different which is why our money managers (BlackRock, State Street Global Advisors and HSBC), will sometimes incur transaction costs when they manage your money.

These costs are very small and cost around 0.04% of the value of your pension each year. They’re separate from your annual management fee (so we don't make any money from them) and most money managers now separately disclose these costs.

How does PensionBee make money?

There's just one annual management fee calculated daily and automatically deducted from your account each month (or when you switch or transfer your 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.

Early withdrawal fee

Drawing down from your pension is completely free, unless you withdraw everything within 12 months of having a live balance with us or the balance of your account is less than £150 at the point of withdrawal (a full withdrawal fee of £150 will apply). All our figures include VAT where applicable.

How our fees compare

All pension providers will charge you a fee to manage your pension, but you may get a different service. While PensionBee charges a single and transparent annual management fee, other providers may charge extra pension fees on top. These aren’t always clearly displayed, making it harder to figure out exactly how much you’re paying.

Annual Management Fee

PensionBee

Fund Fee

Platform Fee

SIPP/Other Providers

Fund Fee

Platform Fee

Adviser Fee

Pension Advisers

PensionBee customer, Afiya

Change your mind, anytime

If you change your mind about joining PensionBee, you can transfer your pension to another provider at any time.

PensionBee doesn't charge exit fees.

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