This award recognises financial providers that are committed to improving outcomes for both consumers and the planet. PensionBee received praise for its commitment to ensuring financial services are fairer for all, through its campaigning for greater levels of transparency surrounding pension transfers, and cracking down on hidden fees that exist in the pensions industry.
In addition, PensionBee’s dedication to providing full pay transparency to existing and prospective employees was also recognised. As an accredited Living Wage Employer, PensionBee pledged to paying its team at least the Living Wage, which is currently £11.05 per hour in London, where it’s based, and including the exact salary for advertised roles on the job description (1). PensionBee is passionate about campaigning for wage equality, as it knows where a pay gap exists for women, a pension gap will follow (2).
PensionBee’s role in helping build a sustainable future was further commended by the Good With Money judging panel. Launched in December 2020, its Fossil Fuel Plan is one of the UK’s first mainstream private pensions to completely exclude companies with proven or probable reserves in oil, gas or coal, tobacco companies, manufacturers of controversial weapons, nuclear weapons and persistent violators of the UN Global Compact (3). As a continuation of this work, and as part of PensionBee’s ongoing commitment to championing customer’s voices in the pensions industry, in July 2021 it invited customers in the Fossil Fuel Free Plan to share their views on the plan’s current exclusion policy. As a direct result of this feedback, changes were made to the plan’s exclusion criteria to better reflect these evolving views (4). In addition, PensionBee is now looking for a new impact plan that goes even further in its exclusionary policy, to accommodate those respondents who want to move more quickly in their investment views.
Romi Savova, CEO of PensionBee, commented: “At PensionBee, we see our role as critical in building the future we want to see, so that our customers can look forward to a happy retirement. We champion sustainable investing as the future of engagement in pensions, and wholeheartedly believe that everyone should have the option to use their investment for good – transforming the planet, society and their retirement for the better.
We’re delighted to receive Good Egg accreditation in recognition of this, and look forward to expanding our range of responsible investing options in the near future.”