Frequently Asked Questions
About this page
This page is aimed specifically at financial advisers. If you are a PensionBee customer, please visit our main FAQ page.
About our service
What customer information can PensionBee provide to financial advisers and other professional third parties?
PensionBee is set up to provide information on a one-off basis to advisers as a response to a “Letter of Authority”, but we are only set up to generally communicate with individuals on an ongoing basis. 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 Report, 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 Reports. 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.
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 free switches available.
No they do not.
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 firstname.lastname@example.org. These forms are not always complete and we may need further information to initiate a transfer.
PensionBee aims to transfer to other FCA-regulated personal pension companies on Origo Options within 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.
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 £480 applies. This fee will also be charged should the value of the account be less than the £480 fee at the point of withdrawal.
The annual management charge would not be affected.
These can be found on our plans page