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.

Does PensionBee facilitate adviser charging?

No, PensionBee is an an execution-only pension provider.

Can you explain the terms BeeHive, BeeKeeper and Nectar Collector?

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

What is the current value of the plan the customer is invested in?

The customer is able to find this by accessing the balance section of the BeeHive.

What was the start date of our mutual customer’s plan?

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.

Does PensionBee provide projections?

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.

Does PensionBee provide a list of all historic transactions?

Yes, this can be found under the balance section of the BeeHive.

Do you charge an initial setup fee?

No, there is no initial fee. Visit our fees page for more info.

What are the annual costs?

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.

What investment options are available to members?

Please visit our plans page for a full summary of all the options available.

What is the maximum number of plans that a customer’s pension can be split across?

Customers can choose one of the available plans. It’s not possible to pick more than one plan.

Are these funds illiquid or liquid?

All our investment plans are liquid.

Are any of your plans currently suspended or closed for clients looking to transfer out?

All of our plans are liquid and we do not currently have a property fund.

Do any of your plans have bonuses attached?

No, we do not offer any with-profits plans nor any other type of bonus.

Do any of your plans have life cover or accidental death cover attached?

No, because we have never offered these types of plans in the past.

Do any of your plans have guaranteed annuity rates or other guarantees attached?

None of our plans have any guarantees attached to them.

Are customers able to switch plans?

Yes, customers can switch between plans online under the plans section of the BeeHive.

Is there a fee for switching plans or a limit on the number of fund switches per year?

We do not charge a fee for switching funds. There is no limit to the number of free switches available.

Do your plans have multiple sections?

No they do not.

Are there any fees associated with the client making contributions?

None

What is the Allocation Rate on PensionBee pensions?

The Allocation Rate is 100%.

What are the SEDOL/ ISIN codes of all your plans?

Match Plan

ISIN: GB00B08HD927

Tracker Plan

MPF Balanced index sub-fund (Tracker Plan) ISIN is GB00BD35QM61. Due to the funds being institutional life assurance funds and not directly available to the public they may not appear on certain data vendors systems such as Bloomberg. However the fund should be listed on Morningstar under the code VAUSA06YQK.

Tailored Plan

BlackRock Life LifePath 2019-2021 Class O GB00BFBFXB07 / BFBFXB0

BlackRock Life LifePath 2025-2027 Class O GB00BFBFXC14 / BFBFXC1

BlackRock Life LifePath 2031-2033 Class O GB00BFBFXD21 / BFBFXD2

BlackRock Life LifePath 2037-2039 Class O GB00BFBFXF45 / BFBFXF4

BlackRock Life LifePath 2043-2045 Class O GB00BFBFXG51 / BFBFXG5

BlackRock Life LifePath 2049-2051 Class O GB00BFBFXH68 / BFBFXH6

BlackRock Life LifePath 2055-2057 Class O GB00BFBFXJ82 / BFBFXJ8

BlackRock Life LifePath 2061-2063 Class O GB00BFBFXK97 / BFBFXK9

Future World Plan

The fund does not have an ISIN.

Preserve Plan

ISIN: GB00BWDBJF10

Shariah Plan

ISIN: LU0110459103

Are there any fee waivers or discounts?

There are no fee waivers or fee reductions.

Does waiver of premiums apply?

No.

Is bid offer spread applicable?

Please see our Transaction Costs Disclosure for further information.

What is the pension input period?

The pension input period runs in line with the tax year.

Transferring out of PensionBee

What is PensionBee’s transfer out process?

  • 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 enquiries@pensionbee.com. 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. 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.

Does PensionBee allow partial transfers out?

Yes we do. These should be requested by the receiving provider on Origo Options.

Is PensionBee part of a block or bulk transfer?

PensionBee transfers pensions on an individual basis and this is not part of a bulk or block transfer.

Do we charge any early exit fee/transfer out fees?

There are no penalties or fees for transferring out at any point.

PensionBee at retirement

What is the customer’s retirement date?

We assume a retirement age of 65 for all customers.

Is the small pot options available when encashing?

This is not available.

Do we offer the uncrystallised fund lump sum option?

We offer flexi-access drawdown only.

Can members go into a flexi-access drawdown plan directly with the scheme?

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.

Can a regular monthly income be set up?

Not currently but this will be available in the near future.

Are there any restrictions on the number of ad hoc withdrawals in a year?

There are no restrictions, so the member can opt to take a withdrawal every month if they so wished.

Is there a minimum withdrawal amount?

No.

Are there any ad-hoc withdrawal fees?

No.

What are all associated charges with the client designating funds into drawdown?

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.

Can you take more than 25% protected tax free cash?

No, we don’t offer more than 25% protected tax free cash.

What would the annual management charge be once the member is in drawdown?

The annual management charge would not be affected.

What funds are available to customers once they are in drawdown?

These can be found on our plans page

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