Frequently Asked Questions
About this page
This page is aimed specifically at UK-regulated financial advisers. PensionBee only works with UK-based financial advisers who are directly regulated by the Financial Conduct Authority (FCA) and regulated firms listed on the FCA register. We do not work with any overseas advisers or firms. Please share a link to your relevant permissions on the FCA register with any transfer out requests.
About our service
What customer information can PensionBee provide to financial advisers who are directly regulated by the FCA?
PensionBee is set up to provide information on a one-off basis to advisers regulated by the FCA, as a response to a ‘Letter of Authority’. This is because our systems are highly automated and we cannot support an ongoing third party from a compliance standpoint, or guarantee that our level of service or communication will be the same. We do have a lot of requests from advisers seeking to use PensionBee for their clients so we are looking into this, but at this stage, we are simply not set up to accommodate third parties.
No, PensionBee is an an execution-only pension provider.
The BeeHive is the online account of the customer where they can see their pension balance, make contributions, add beneficiaries and more. The BeeKeeper is the dedicated account manager of the customer. The Nectar Collectors are our pension administrators.
PensionBee at accumulation
The customer is able to find this by accessing the balance section of the BeeHive.
The customer can find this on the first Annual Statement, which shows under the my plan section of the BeeHive. Alternatively the balance section shows a full transaction history back to the start of the plan.
We produce pre-sales and post-sales illustrations as well as Annual Statements. We do not provide bespoke projections. We have a pension calculator available in the BeeHive but this is not a statutory illustration.
Yes, this can be found under the balance section of the BeeHive.
No, there is no initial fee. Visit our fees page for more info.
These vary by investment choice. Please see our fees page for a full summary. It’s important to note that the quoted annual management costs include both the wrapper charges and the fund charges.
Please visit our plans page for a full summary of all the options available.
Customers can choose one of the available plans. It’s not possible to pick more than one plan.
All our investment plans are liquid.
All of our plans are liquid and we do not currently have a property fund.
No, we do not offer any with-profits plans nor any other type of bonus.
No, because we have never offered these types of plans in the past.
None of our plans have any guarantees attached to them.
Our Tailored Plan is target dated. We do not offer lifestyling on any of our plans.
Yes, customers can switch between plans online under the plans section of the Beehive.
We do not charge a fee for switching funds. There is no limit to the number of switches available.
No they do not.
The Allocation Rate is 100%.
Our plans are also available to view on Morningstar.
This plan has eight vintages, based on the year you retire. Retirement age is 65.
BlackRock Life LifePath Flexi Class O. ISIN: GB00BFBFXL05 / BFBFXL0. View on Morningstar.
BlackRock Life LifePath 2019-2021 Class O. ISIN: GB00BFBFXB07 / BFBFXB0. View on Morningstar.
BlackRock Life LifePath 2025-2027 Class O. ISIN: GB00BFBFXC14 / BFBFXC1. View on Morningstar.
BlackRock Life LifePath 2031-2033 Class O. ISIN: GB00BFBFXD21 / BFBFXD2. View on Morningstar.
BlackRock Life LifePath 2037-2039 Class O. ISIN: GB00BFBFXF45 / BFBFXF4. View on Morningstar.
BlackRock Life LifePath 2043-2045 Class O. ISIN: GB00BFBFXG51 / BFBFXG5. View on Morningstar.
BlackRock Life LifePath 2049-2051 Class O. ISIN: GB00BFBFXH68 / BFBFXH6. View on Morningstar.
BlackRock Life LifePath 2055-2057 Class O. ISIN: GB00BFBFXJ82 / BFBFXJ8. View on Morningstar.
BlackRock Life LifePath 2061-2063 Class O. ISIN: GB00BFBFXK97 / BFBFXK9. View on Morningstar.
MPF Balanced Index Sub-Fund. ISIN: GB00BD35QM61. View on Morningstar.
MPF Stlg Non-Gilts Bd Over 15 Yr Sub-Fund. ISIN: GB00BDCLK564. View on Morningstar.
MPF Dynamic Diversified Sub-Fund. ISIN: GB00BG217453. View on Morningstar.
MPF Stlg Liquidity Sub-Fund. ISIN: GB00BWDBJF10. View on Morningstar.
HSBC MPF Islamic Equity Index Sub-Fund. ISIN: GB00BF2SYC67. View on Morningstar. (This fund is lifewrapped by State Street MPF).
BlackRock Life Impact Broad Equity Fund. ISIN: GB00BN091826.
Fossil Fuel Free Plan
FTSE TPI Global (ex Fossil Fuels) Equity Index Fund. The fund code is GPEH.
There are no fee waivers or fee reductions.
Please see our Transaction Costs Disclosure for further information.
The pension input period runs in line with the tax year.
Transferring out of PensionBee
If the receiving provider is using Origo Options, they will need to request a transfer through the electronic system. Please ask them to search for PensionBee in order to avoid delays.
If the provider is not using Origo Options, they will need to email their transfer-in forms to [email protected]. These forms are not always complete and we may need further information to initiate a transfer.
PensionBee aims to transfer to other Financial Conduct Authority regulated personal pension companies on Origo Options within 14 days. Our average transfer out time to other Financial Conduct Authority regulated providers is 10 days. The majority of the industry has subscribed to this service. Transfers to other providers may take longer and additional due diligence may be required. Whilst identification is not usually required, this will be assessed on a case-by-case basis.
Yes we do. These should be requested by the receiving provider on Origo Options.
PensionBee transfers pensions on an individual basis and this is not part of a bulk or block transfer.
There are no penalties or fees for transferring out at any point.
PensionBee at retirement
We assume a retirement age of 65 for all customers.
This is not available.
We offer flexi-access drawdown only.
Yes, flexi-access drawdown is available.
Would this require an internal transfer?/does the client need to move this existing plan to go into drawdown?
No internal transfer is required.
Not currently but this will be available in the near future.
There are no restrictions, so the member can opt to take a withdrawal every month if they so wished.
PensionBee does not charge extra fees on pension drawdown. However, if the funds have been with PensionBee for less than a year and the customer withdraws it in full, then a full withdrawal fee of £150 applies. This fee will also be charged should the value of the account be less than the £150 fee at the point of withdrawal.
No, we don’t offer more than 25% protected tax free cash.
The annual management charge would not be affected.
These can be found on our plans page.