PensionBee continues its rapid growth throughout 2020

Rachael Oku

by , Head of Brand and Communications

08 Feb 2021 /  

08
Feb 2021

Gold helium balloons spelling out the year 2020

London, 08 February 2021: PensionBee today announces its unaudited results for the year ended 31 December 2020.

Key highlights:

  • Assets under Administration (AUA) increased by 82% to £1.4 billion

  • Revenues increased by 77% to £6.3 million

  • Significant customer growth with high customer AUA retention rate of more than 95%

2019 2020 % change
Invested Customers (Customers who are invested in a PensionBee pension plan) 38k 69k +83%
Active Customers (Includes Invested Customers and those who have accepted PensionBee’s terms of business) 64k 119k +86%
Registered Customers (Customers who have registered their details) 232k 403k +74%
  • Launched one of the UK’s first mainstream Fossil Fuel Free Funds in December 2020 with strong take-up from customers

  • Extension of customer offering with new Self-Employed product launched in January 2021

  • Achieved an Excellent Trustpilot score of 4.7 Stars out of 5

  • Strengthened Board with Mary Francis CBE appointed Senior Independent Non-Executive Director in November 2020 and Michelle Cracknell CBE appointed Non-Executive Director in November 2019

  • Exploration of listing on the High Growth Segment of the London Stock Exchange in 2021, market conditions permitting

PensionBee remained on its rapid growth trajectory in 2020, significantly increasing its AUA by 82% to £1.4 billion. It approximately doubled its Active Customers (reaching 119k) and its Invested Customers (reaching 69k), which led to increased revenues of £6.3 million for the full year. This momentum has been accelerated further by the increasing shift to digital due to the COVID-19 pandemic and the resultant lockdowns; a period which has also afforded consumers additional time to review their finances.

Throughout the period, PensionBee continued to execute on its strategy of putting its customers first, delivering on its values as a leading UK pensions platform, as evidenced by the continued development of its differentiated customer offering. It leveraged its unique combination of proprietary technology and dedicated customer service to launch a new Self-Employed Pension, enabling it to support a section of society which has largely been underserved by the pensions industry. In addition, following feedback from and extensive engagement with its customers, PensionBee launched one of the UK’s first mainstream Fossil Fuel Free plans in December, demonstrating its commitment to playing an active role in the transition to a zero-carbon economy. The plan invests in companies aligned with the Paris climate agreement and was created in partnership with Legal & General.

As a result of this continuous engagement with customers and focus on high-quality service, 2020 saw a high rate of customer AUA retention of >95% for PensionBee. Moreover, PensionBee received consistently positive customer feedback, with a 4.7 Star customer rating on Trustpilot for the year ended 31 December 2020.

PensionBee continued to bolster its Board in 2020. Mary Francis CBE was appointed as Senior Independent Director in November and brings significant experience from her current roles as Non-Executive Director at Barclays and Valaris, as well as from her previous roles on the Boards of Swiss Re, Centrica and Aviva. She joins former Prudential Chief Executive and PensionBee Chairman Mark Wood CBE, as well as former Chief Executive of The Pensions Advisory Service, Michelle Cracknell CBE, who joined in November 2019. Mary’s appointment demonstrates PensionBee’s focus on strong corporate governance and her wealth of experience at listed companies will be critical as the Company enters the next stage of its development.

Romi Savova, CEO of PensionBee, commented “I am thrilled to report another year of excellent growth at PensionBee. We have seen a significant rise in new customers and customer engagement in 2020, accelerated by increased digital adoption during the COVID-19 pandemic which also gave consumers additional time to review and address their finances. Looking ahead, we are confident that our rapid growth trajectory will continue. We are excited about the next stage of our journey – going public and fighting for the consumer on a global stage will bring us one step closer to achieving our goal of making pensions simple for everyone.”

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