Terms & Conditions
The PensionBee service legal terms
The PensionBee Personal Pension (as defined herein) is a pension registered with HMRC under Chapter 2 of Part 4 of the Finance Act 2004. The PensionBee Personal Pension allows customers to invest their monies in one of three plans, known as the Tracker, Match and Tailored Plans (each as defined herein).
PensionBee Limited (PensionBee) does not provide pensions, financial, regulatory, legal, tax or other investment advice or recommendations with respect to any PensionBee Plan (as defined herein), under these Terms or otherwise. Nothing on the PensionBee Website or in any communications from us should be construed as pensions, financial, regulatory, legal, tax or investment advice. PensionBee does not provide advice or individual recommendations on any PensionBee Plans and you must make your own investment decisions as to whether to invest in the PensionBee Personal Pension and if so into which of the three PensionBee Plans. Any advice received from third-party advisers is obtained by you independently of PensionBee and will be separate to these Terms and not form part of any contractual or other legally binding arrangements between you and PensionBee Limited, PensionBee Trustees (as defined herein) or any Money Manager (as defined herein). PensionBee provides the PensionBee Services (as defined herein) strictly and exclusively at your direction.
Any investments provided through any of the PensionBee Services can go down in value as well as up and PensionBee will not be responsible for any losses you incur or any tax liabilities which arise as a result of your use of any of the PensionBee Services or investments in any PensionBee Plan.
The PensionBee Services are offered strictly on the basis of these Terms, in conjunction with the Rules (as defined herein and also available on the PensionBee Website) which are incorporated in these Terms as if set out in full herein and the PensionBee Key Features Document. Where there is a discrepancy between these Terms and the Rules, the Rules prevail. Please see further in these Terms at Section 23 below.
These Terms are an important document upon which we intend to rely and sets out key contractual terms and conditions that shall be legally binding upon you for any PensionBee Services you use. Please read these Terms carefully and ensure you understand them and are happy with their contents before you proceed to use any of the PensionBee Services. For your own benefit and protection, you should consider whether seeking specialist advice from a financial advisor and/or solicitor would be appropriate for you in determining whether to use any of the PensionBee Services. If you require any further information on these Terms or any of the PensionBee Services please contact us on the contacts given on the PensionBee Website (www.pensionbee.com).
If you do not agree with any of these Terms, you should not use the PensionBee Services.
In addition to these Terms, you also need to read and ensure you understand the relevant fact sheets and disclosure documents for any PensionBee Plans (as defined herein) you are considering investing in, which documents are available on the PensionBee Website.
Account: your online account set up through the PensionBee Website by entering your name and email address. Your account may also be referred to as the “BeeHive”.
When you set up your Account, you will receive a login giving you online access to your Account. Through your Account, you can track the progress of the Pension Location Service, check the status of any pending transfers, view your PensionBee Personal Pension balance and perform other administrative actions.
FSCS: the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001, implementing the Prudential Regulation Authority (PRA) and Financial Conduct Authority rules for compensation payments upon a failure of certain regulated financial service businesses.
Money Managers: the groups responsible for investing the money held in each PensionBee Plan. Each Money Manager is responsible for one or more of the PensionBee Plans. The current Money Managers are:
(i) State Street Global Advisers (through Managed Pension Funds limited); and
(ii) BlackRock Life Limited.
Each of these Money Managers are authorised and regulated by the Financial Conduct Authority.
PensionBee Consolidation Service: the service provided by PensionBee that combines your existing pensions into your chosen PensionBee Plan once you give us permission to do so.
PensionBee Location Service: the service provided by PensionBee that helps you locate your existing pensions in order to proceed with the PensionBee Consolidation Service.
PensionBee Personal Pension: the registered pension plan governed by these Terms and the Rules into which you will have the option of transferring your existing pensions. Your investment into the PensionBee Personal Pension is referred to in these Terms as “your PensionBee Plan”.
PensionBee Services: all of the services offered on or via the PensionBee Website, however accessed, including, without limitation:
(i) the Account;
(ii) the PensionBee Location Service;
(iii) the PensionBee Consolidation Service;
(iv) the PensionBee Personal Pension and any PensionBee Plans made available pursuant to the PensionBee Personal Pension;
(v) any other service, facility, or information, that may be added to these Terms from time to time; and
(vi) any other service, facility, or information, that is provided that is ancillary to any of the items listed above in paragraphs (i) through to (vii) (inclusive),
each of which is accessible through a variety of devices including the Internet or any mobile phone application.
PensionBee Plans: each of the options for pension plans available to you as part of the PensionBee Personal Pension; with the pension plans currently offered being:
(i) the Balanced Index Sub-Fund provided by Managed Pension Funds Limited (the Tracker Plan);
(ii) the BlackRock Consensus 85 Fund Class I Accu GBP, provided by BlackRock Life Limited (the Match Plan); and
(iii) a selection of the DC LifePath fund range, provided by BlackRock Life Limited (the Tailored Plan).
In these Terms, the PensionBee Plan you choose to invest in is referred to as “your PensionBee Plan“.
PensionBee Website: the website operated by PensionBee, located at www.pensionbee.com.
Rules: the trust deed and rules, establishing the PensionBee Personal Pension, dated 26th Feburary 2016, as amended and restated from time to time.
Terms: these terms and conditions, as amended or restated, from time to time.
Working Day: any day on which banks are generally open for business, except: (i) a Saturday or Sunday, (ii) any other day which the Asset Manager managing your PensionBee Plan, has declared not to be a dealing day; between the hours of 9am until 6pm (any Tuesday or Wednesday), 9am until 5pm (any Monday or Thursday) and 9am until 4pm (any Friday).
3. When these terms apply
These Terms apply to any PensionBee Service, including where you are in receipt of any services supplied by our partners in the course of delivering any PensionBee Service. These Terms are applied consistently to all customers holding a PensionBee Plan.
3.1 When you first Open your PensionBee Account
By entering your email details on the PensionBee Website you are agreeing to open an Account and to be bound by these Terms to the extent they apply to your use of the PensionBee Services.
3.2 When you acquire a PensionBee Plan
By proceeding to consolidate your existing pension into one of the PensionBee Plans or opening a new pension, you agree to the application of all of these Terms to you and your PensionBee Plan and any PensionBee Services provided to you whether before or after the date of you first obtaining a PensionBee Plan.
There is no minimum length to our agreement under these Terms. Should you wish to end your agreement with PensionBee, you should inform us in writing. Read more in Section 16 (Leaving your PensionBee Plan). We reserve the right to amend these Terms in accordance with Section 17 (Changes to these Terms).
4. The parties
You: You must be aged 18 or over to use any of the PensionBee Services. You will be treated as a “Retail” customer under the Financial Conduct Authority rules, which means you benefit from the highest level of investor protections under those rules.
PensionBee: PensionBee Limited, a company incorporated and registered in England, registered office at 86-90 Paul Street, London, EC2A 4NE (registered in England, Company Registration No. 09354862) and where referred to in these Terms includes each of PensionBee Limited’s directors, officers, employees, agents, advisors, authorised representatives and corporate affiliated entities. PensionBee and its directors, officers, employees, agents, advisors, authorised representatives and corporate affiliated entities shall be entitled to enforce these Terms as if each of them were a party to these Terms. PensionBee is authorised and regulated by the Financial Conduct Authority (FRN: 744931). We may appoint any person (whether connected to PensionBee or not) to assist us or perform any or all of our functions or responsibilities under these Terms, but only if this does not offer you a poorer service and if your rights are not prejudiced by the assignment.
PensionBee Trustees: PensionBee Trustees Limited, a company incorporated and registered in England, registered office at 86-90 Paul Street, London, EC2A 4NE (registered in England, Company Registration No. 10657838). PensionBee Trustees Limited is the Trustee of the PensionBee Personal Pension and is a bare trustee with responsibility for holding the assets of your PensionBee Plan, separate to its own assets.
The PensionBee Services may also be provided by any group companies of PensionBee.
In this agreement, “we” and “us” will be taken to mean any and all of PensionBee and PensionBee Trustees, as applicable, who provide you with one or more of the PensionBee Services either individually or as a group unless otherwise specified in these Terms.
5. The services this agreement applies to and what you need to know about them.
Further details of the PensionBee Services currently offered are set out in this Section 5 of these Terms. These Terms will be amended or supplemented to detail any additional PensionBee Services that are offered from time to time in the future.
You should not seek to utilise any PensionBee Service or open a PensionBee Plan without first reading, in conjunction with these Terms, and understanding and determining the appropriateness to you and your investment decision, the following:
(i) the Key Features Document for the PensionBee Personal Pension;
(ii) the relevant factsheets and other disclosure documents for the PensionBee Plan you are considering choosing as your PensionBee Plan; and
(iii) the Rules.
The documents listed in (i), (ii) and (iii) above are each available on the PensionBee Website.
We reserve the right, in our absolute discretion, to refuse to deliver any one or more PensionBee Services to you.
5.1 Account opening
Opening an Account with PensionBee is free.
Your Account is opened from the moment you provide PensionBee with any information about yourself (e.g. your email address). Additionally, by providing PensionBee with your email and contact details you agree to PensionBee contacting you for the purposes of giving you reminders, updates, information requests, requests for actions to assist us in locating and consolidating your existing pensions and general correspondence regarding your progress through the various PensionBee Services (including reminders to commence the PensionBee Services).
However, initiating the Account opening process does not necessarily mean that you will be able to invest in a PensionBee Plan or be able to use any of the other PensionBee Services. We undertake various checks to protect both our customers and ourselves from fraudulent activity, as well as complying with regulatory requirements for the PensionBee Plan. We can only proceed to offer you any further PensionBee Services once our internal procedures are satisfied. These checks may include verifying your identity with an external provider, including credit reference agencies (Please Note: the checks will not affect your credit score), the Electoral Register or information from utility groups (e.g. electricity providers) . By opening an Account you agree to allow us to perform these checks. Following these checks or for any other reason, in our absolute discretion, we may decline to let you use the PensionBee Services, and you agree that we are not required to provide you with any details of any decision to refuse to provide you with one or more PensionBee Services.
5.2 Pension locating
We will use the information you provide us to locate your existing pensions on your behalf. We may ask you to provide information about yourself, including information about your existing pensions and your employment history, as well as your authorisations to approach the providers of your existing pensions (either in writing or verbally) in your place to obtain relevant information from them. By accepting to use the PensionBee Location Service you agree to allow us to use this information (including your personal data and any approved form of your signature) to identify you to your existing pension providers upon their request and to find your existing pension savings by contacting government departments, pension providers, your current and past employers and any other person or organisation we believe may help us to locate your pensions.
We cannot promise that we will be able to locate any or all of your pensions.
While we will always take reasonable measures to ensure the accuracy of the information we provide you, we are unable to guarantee the accuracy of information from third parties provided in relation to your existing pensions. We do not accept liability for any default or mistakes by any third party who has provided us information about your pensions or resulting mistakes or inaccuracies.
You are welcome to contact us with clarification questions. To comply with regulatory requirements binding upon PensionBee, in responding to any questions you address to us we shall restrict our answer to statements of identified facts provided to us without advising you on the significance or impact of those facts on your investment or pension decisions or whether to proceed with any PensionBee Services. We may also point you towards additional sources of information. If you would like advice on your pensions, financial, regulatory, legal, tax or other investment advice or recommendations, please contact an independent financial adviser.
5.3 Ineligible pensions
We will not be able to consolidate any pensions if:
we have been unable to locate the pension;
we have been able to locate your pension but unable to obtain sufficient details from the provider;
it is a pension with defined benefits worth more than £30,000 and you have not received finacial advice specific to this pension: defined benefits in pensions are guaranteed features of a pension, including but not limited to final salary promises, guaranteed annuity rates or other non-standard but potentially attractive benefits. Pensions that typically have extensive defined benefits and therefore which do not lend themselves to transfer into new schemes include government pensions and company plans established before 1988. Where any of your defined benefit pensions are individually worth more than £30,000 it is currently a regulatory requirement that you receive advice from a pensions transfer expert prior to making any transfer of those benefits and this would be required prior to your being able to make any transfer of your defined benefit pension worth more than £30,000 to your PensionBee Plan.
the pension arrangement is already making payments of retirement benefits including in the form of income drawdown; or
it is an international pension: we will not at this stage be able to consolidate your non-UK pensions.
Also note, if your pension is a currently active company pension: we can locate your currently active pension for you as part of the PensionBee Location Services. In order to keep your pension account open and benefit from your employer’s contributions, you will be able to opt to include as part of the PensionBee Consolidation Service 70% of any currently active company pension (with the remaining 30% balance being retained in your currently active company pension to ensure it remains ongoing with contributions from your current employer); but please note that some pension providers do not permit partial transfers which may mean you will be unable to transfer the 70% of your currently active company pension into your PensionBee Plan at this point in time but you can always transfer the entire pension into your PensionBee Plan at a later date if you switch jobs. Some providers permit a 100% transfer of an active pension and simultaneously keep your account open. If this is the case, we will transfer your entire active pension and treat it like one of your other pensions. In this instance, your employer will be able to keep paying contributions into your active pension, which you can subsequently transfer into your PensionBee Plan at a later date if you switch jobs.
6. Transferring your existing pensions into a PensionBee plan
We will inform you of which pensions are ineligible to be transferred into the PensionBee Personal Pension.
If you have elected to transfer eligible pensions into the PensionBee Personal Pension we will contact the providers holding your existing pensions and advise them that you wish to transfer your pension with them to the PensionBee Personal Pension.
While we will follow up promptly with the providers of your existing pensions, we are limited in what actions we can take to require those third party providers to action your transfer request promptly. We will only be able to invest monies we receive from your existing pensions on receipt of the required information from the transferring provider: where this information is not received from the existing providers it will delay any investment of your cash in your chosen PensionBee Plan. This may result in your transferred monies being held in a non-interest bearing account until all necessary information is received. You agree that we shall not be responsible or liable in any way for any delay to a transfer of your existing pensions to the PensionBee Personal Pension, or the investment of any cash received from one of your existing pensions into your chosen PensionBee Plan, caused by any of these third party providers failing to transfer your existing pensions savings to us promptly or providing us with necessary information.
All transfers from your existing pension plans to the PensionBee Personal Pension will be made as cash and in British pounds sterling.
Before you can transfer to PensionBee some of your existing pensions, you may need to provide PensionBee with additional information and, in some instances, seek specialist advice such as may be provided by an independent financial advisor on the transfer of such pensions. PensionBee does not provide advisory services. Any additional third party advice you require is likely to charge you fees for that advisory service.
You are responsible for being aware of and bearing all exit fees associated with your existing pensions. You are also responsible for being aware of and bearing all consequences of transferring any pensions that have guaranteed final salaries, guaranteed annuity rates or other non-standard features to the PensionBee Personal Pension. The PensionBee Personal Pension does not provide any guaranteed final salary, guaranteed annuity rates or other non-standard feature.
7. Selecting a plan
It is your responsibility to determine whether to invest in the PensionBee Personal Pension and if so to select the appropriate investment option as your PensionBee Plan from among the PensionBee Plans available to you as part of the PensionBee Personal Pension. You should ensure you are aware of current fees or levies applying to any PensionBee Plan you select. Details of these fees and levies are set out in Section 12 in these Terms.
Each of the PensionBee Plans are structured as long term unit-linked insurance policies provided by a Money Manager under an insurance contract entered into by PensionBee Trustees on behalf of the relevant PensionBee customers choosing that PensionBee Plan. There are certain advantageous tax benefits to the use of unit-linked insurance policies which, depending upon individual customers’ tax situations, will also be available to PensionBee’s customers. You should seek advice from your tax and investment advisors about these benefits.
Once you have informed us (via the PensionBee Website) of your selection as to which PensionBee Plan you wish to invest in, we shall invest into your chosen PensionBee Plan each amount of cash successfully transferred to the PensionBee Personal Pension account (which transfers must be accompanied by any additional information required to be obtained before PensionBee Trustees can accept the transfer) from any of your existing pension providers. Where you have more than one existing pension plan or funds are transferred in parts from any of your existing pension plans being transferred into your PensionBee Plan, it is likely your monies will be invested in stages. Where there is any substantive delay (or even an eventual failure) in the successful transfer into your PensionBee Plan of one or more of your existing pensions, there may be an extended period of time during which your PensionBee Plan will not include a consolidation of all of your existing pensions or pension balances.
You acknowledge and agree that no PensionBee Plan is guaranteed or underwritten, in whole or in part, by any of PensionBee, PensionBee Trustees, any Money Manager of any PensionBee Plan or any other person.
The terms applicable to the policies constituting the underlying investment in each PensionBee Plan are set out in the separate fact sheets for each specific PensionBee Plan and the Key Features Document. The policy terms include provisions that restrict payments under the policies in exceptional circumstances where market conditions are such that the issuer of the policy has determined to gate, restrict or delay payments/the sale of units in the underlying policy, or place the units into separate vehicles for pay down of obligations. You acknowledge and agree that we have no ability to control or restrict the application of these provisions by the issuers of the policies. In those circumstances where restrictions upon payments/sale of units in the underlying investments are applied, you acknowledge and agree that none of PensionBee, PensionBee Trustees, or any Money Manager shall be liable in any way for the application of such provisions and any resulting restrictions or delays in payments pursuant to any PensionBee Plan to you.
Any purchase of units for your PensionBee Plan are normally placed within 24 hours of receipt of the funds and the associated documentation. The price is determined at the next valuation point for the relevant PensionBee Plan (this is usually calculated by reference to a specific time on the next Working Day). It can take a week for your balance to be displayed in your Account.
You agree that if at any stage it is determined that your PensionBee Plan has been allocated units in error, you are required to notify us as soon as you become aware of this fact and otherwise upon you notifying us or our notifying you, you shall take all reasonable steps as requested by us to assist us with correcting the error in unit allocation (including your executing any necessary agreement, notices, declarations or deeds) as soon as possible.
Where you ask us to move your existing PensionBee Plan to an alternative PensionBee Plan, this is known as a “switch”. A switch will involve the sale of units in your current PensionBee Plan and the purchase of units in your newly chosen PensionBee Plan. The sale will normally be placed by the end of the Working Day following receipt of your instructions and the purchase will normally be placed by the end of the Working Day following receipt of the sale proceeds. During the process of switching, your money may not be invested in either plan.
We reserve the right, in our absolute discretion, to not accept transfers into a PensionBee Plan if we believe the size of the fund(s) to be transferred is not sufficient or for any other reason in our absolute discretion.
8.1 Personal contributions
You may set up arrangements to make additional one off or regular contributions into your PensionBee Plan from your personal bank account. Your payment must be sent from your bank account by standing order.
8.2 Employer contributions
You may also set up arrangements to make employer contributions to your PensionBee Plan from a business bank account. Directors of their own limited companies are able to make employer contributions to their PensionBee Plan. We will need employer confirmation of the intention to make contributions. Please note that tax relief is not available on employer contributions. PensionBee does not provide auto-enrolment services for third parties.
8.3 Contribution practicalities
There are no additional fees for setting up one off or regular personal contributions into your PensionBee Plan. It normally takes up to ten (10) Working Days to set up the standing order and the time it takes will to a large part depend upon your bank with whom the standing order is being set up. We cannot control the time frame for your bank to establish the standing order. You acknowledge and agree that we will not be responsible for any such delays. You are responsible for informing your bank of your standing order and of any desired changes to your contributions. Please note that contributions must also be updated via the PensionBee Website in your Account.
The contributions will normally be invested in your chosen PensionBee Plan on the Working Day after the monies are received into the PensionBee Personal Pension account, provided you have also set up the contribution correctly via the PensionBee Website in your Account. Where we are unable to meet our usual timeframe, we will invest the monies received from you into your PensionBee Plan as soon as practicable thereafter.
Changes to your regular monthly investment instruction, such as contribution increases, must be received by us via the PensionBee Website, no less than 10 Working Days before your next payment is due. To stop payments, you must notify us and your bank in writing, which will typically mean updating the relevant standing order directly with your bank. If no payment is received at the time of any regular contribution that has been notified to us, we may terminate the regular contribution instruction. If this happens, you will need to reinstruct for the regular contribution via the PensionBee Website.
For information regarding tax relief on your contributions and your obligations with respect to liability for excess tax relief, please read the PensionBee Key Features Document and further below at Section 13.
9. How your money is handled
All monies and assets in your PensionBee Plan will be held under a trust arrangement in accordance with the Rules.
Any cash you or a third party on your behalf consolidate with or contribute to (either on a one off or regular basis) your PensionBee Plan is held in a UK bank account in instant access or term accounts opened in the name of PensionBee Trustees in its capacity as trustee for the PensionBee Personal Pension. This money is segregated from our own funds and the funds of PensionBee Trustees. This is how your cash will be held pending it being invested in the underlying investment of the PensionBee Plan of your choice, as well as while processing payments to you after a redemption of units in the underlying investment of your PensionBee Plan. In the relevant account, your money will be “pooled” with the cash of other customers using the PensionBee Services.
No interest is paid on cash held on your behalf by PensionBee Trustees, including while your cash is being held prior to its investment in your chosen PensionBee Plan or being held pending payment for a transfer out of your PensionBee Plan. The PensionBee Personal Pension accounts are currently non-interest bearing accounts and so no interest is received/retained by PensionBee or PensionBee Trustees on these accounts. If this changes in the future, interest payments received on account balances of customer funds shall not be paid to any of PensionBee or PensionBee Trustees and shall instead become part of the general fund of the PensionBee Personal Pension available to offset the costs and expenses of the PensionBee Personal Pension and or for donation to a registered charity where permitted by the Rules.
Non-cash assets and investments will be held on behalf of the customers in the name of PensionBee Trustee or by another appropriately appointed nominee company or by an approved third party custodian as permitted under the Rules or terms of the relevant PensionBee Plan. Detailed records of all the investments and assets in your PensionBee Plan will be kept.
If the custodian of any underlying assets of your PensionBee Plan becomes insolvent, there may be delays in identifying individual assets particularly if there is at that time a shortfall in the holding of interests/units held at the relevant custodian of the underlying assets of your PensionBee Plan. As a general rule, the longer the period of any time delay in the return of the assets in question, the greater the likelihood of additional shortfalls in any recovery.
You acknowledge and agree that PensionBee is not liable for any liability for any insolvency of, or default or mistakes by any third party who is the custodian, the nominal holder or has some other form of custody, of any of the underlying investments of your PensionBee Plan.
The banks or credit institutions used by PensionBee Trustees to hold your cash are independent of PensionBee and PensionBee Trustees. None of PensionBee or PensionBee Trustees accept liability for any default or delay in the distribution of monies following a failure of the account holding bank or any other event affecting such bank or credit institution.
In the event that a default by the bank occurs you may have to bear any shortfall in the recovery of cash from the relevant accounts on a pro rata basis with other customers of the bank based on the cash balance in all customer bank accounts held with the bank.
Individuals may seek compensation for any shortfall of recovery of cash held in a customer bank account through the FSCS. Please see further below details of the terms and extent to which you are provided with rights under the FSCS at Section 21 (Financial Services Compensation Scheme).
The underlying investments of each PensionBee Plan will be pooled with the investments of other customers of the PensionBee Personal Pension electing to invest in the same PensionBee Plan. Each PensionBee Plan is structured as a long term insurance policy. PensionBee Trustees will hold the rights under the relevant long term insurance policy for and on behalf of all customers. Accordingly, as is standard for investments of this kind, you will not have a direct beneficial right to any of the underlying investments held in your PensionBee Plan. Instead, you will become entitled to receive the sale (redemption) proceeds on the specified number of “units” in the underlying long term insurance policy representing your PensionBee Plan investment for your selected PensionBee Plan purchased from the money you have transferred or otherwise contributed into your PensionBee Plan. As a consequence, your holding will not be individually identifiable at the level of the provider of the long term insurance policy and in the event of their failure or default which results in the recoveries under that long term insurance policy being less than the amount intended to be held (as recorded on our systems) then as the investments are pooled, you may be required to share proportionally in any shortfall with other investors (including investors who are not customers of the PensionBee Personal Pension) in the long term insurance policy.
There is no cross subsidy or re-allocation of units, liabilities or value between PensionBee Plans, meaning that the performance of your PensionBee Plan is unaffected by the performance of other PensionBee Plans: gains or losses accruing on your PensionBee Plan are allocated only to those customers of the PensionBee Personal Pension who have invested in that specific PensionBee Plan. Similarly any shortfall in recoveries from any custodian or other holder of the underlying asset of a PensionBee Plan will not be shared across customers of the PensionBee Personal Pension who are not affected in the relevant affected PensionBee Plan.
The third party providers of any long term insurance policy or other underlying investment of any PensionBee Plan are independent of PensionBee and PensionBee Trustees. PensionBee and PensionBee Trustees are unable to control or influence the operational or investment decisions or policies of the relevant long term insurance policy or other underlying investment of your PensionBee Plan. Consequently, you acknowledge and agree that PensionBee and PensionBee Trustees each accept no liability for and do not make any representation as to: (i) the performance or returns of any underlying investment in your PensionBee Plan or any PensionBee Plan or (ii) the operational decisions of any third party or their compliance with their governing rules. You acknowledge and agree that none of PensionBee or PensionBee Trustees have any obligation to you to undertake compliance audits or other auditing of any of the Money Managers or other service providers of the underlying investments connected with your PensionBee Plan or any other PensionBee Plan and that you remain responsible for monitoring the performance and compliance of your PensionBee Plan with its terms (as set out in the relevant key facts document and other disclosure materials) and ensuring it meets your expectations.
PensionBee and PensionBee Trustees are not in any way involved in your choice to invest in the PensionBee Personal Pension or your selection of any particular PensionBee Plan. Neither will any of PensionBee or PensionBee Trustees make recommendations to you as to if, or the timing or quantum of, any contributions to or transfer out of your PensionBee Plan or provide you with any ongoing advice as to the merits or otherwise of the performance (past, present or future) or operation of your (or any) PensionBee Plan or underlying investment in your (or any) PensionBee Plan. Any decision to remain with or transfer to another pension or PensionBee Plan is a decision to be made solely by you without advice or input from PensionBee or PensionBee Trustees. It is important that you monitor, on an ongoing basis, the performance and operational details of your PensionBee Plan and seek independent professional advice about any concerns you have with the performance or operations of your PensionBee Plan.
We are under no obligation, and generally, will not exercise any voting rights, to the extent there are voting rights attached to any underlying investments of your PensionBee Plan.
10. Monitoring your account and communicating with us
You acknowledge and agree that all PensionBee Services are provided exclusively as online services and therefore we will deliver most of our communications with you over the Internet, including via email. Our email messages may contain personal information about you and your pensions, so you should ensure that your email address is always correct and up to date. You will be sent a confirmation email when you set up an Account. If any details are wrong, or if you receive a confirmation notice you do not recognise, you must contact us immediately. By using any of the PensionBee Services you acknowledge and agree that each of PensionBee and PensionBee Trustees are unable to guarantee that its or your communications via email are secure and that by agreeing to accept any of the PensionBee Services you (i) accept these risks, and (ii) indemnify and hold harmless each of PensionBee and PensionBee Trustees from any losses, damages or liabilities you may suffer as a result of any failure of email or online communications as well as any service interruptions or faults, as well as interference, interception or breach in transmission (in each case including any security breach resulting in the release of your personal data).
You will be able to access your Account at any time. This will allow you to see the current value of your PensionBee Plan as at the latest valuation point provided in relation to the underlying investments in your PensionBee Plan, arrange to add new contributions (whether on a one off basis or a regular standing order) and perform various other administrative functions in relation to your PensionBee Plan.
We will prepare an annual report for your PensionBee Plan which will be made available to download in your Account within six (6) weeks of the annual reporting date, which is 5 April annually.
We will not send you confirmation notices for certain transactions, for instance contributions made via standing order, or where we sell underlying investments in your PensionBee Plan to cover our fees. Fees incurred on your PensionBee Plan will be detailed in the annual report.
We make every effort to be available to you, but cannot guarantee that access to your Account will be available at all times or without delay. You acknowledge that the PensionBee Services may be interrupted and the services available may be variable in certain circumstances. You acknowledge and agree that we will not be liable to you if our systems or services are unavailable to you for whatever reason.
If you would like to get in touch, please call us at 020 3457 8444 or you can email us at email@example.com.
If you would like to write to us by post, please address your letters to: 201 Borough High Street, SE1 1JA. Writing to us by post is the slowest way to get in touch.
11. How we protect your information and privacy
We may obtain information (including personal data) from you, your employers (current and previous), your existing pension providers and other third parties at various times you are accessing any of the PensionBee Services. Any information you provide may be used to update an existing record we hold with respect to you.
You accept that it is your responsibility to ensure that the contact details we have for you are active and up-to-date. If you change your email or postal address in the future, please tell us as promptly as possible.
We may also need to seek additional information from you, in which case we may delay your access to the PensionBee Services, in part or whole, until we receive any such additional information or contact you again to facilitate the transmission of this information.
Where information in your application is incomplete or incorrect then we may adjust your application to make it valid, but we are not bound to do so. We will only make changes using details you have previously given us. In the absence of your providing correct and up to date details, we shall be entitled to proceed on the basis of the latest personal data we hold in respect of you and you shall indemnify and hold us harmless from any losses, damages or liabilities arising from our relying upon the latest personal data we hold for you, irrespective of its source.
PensionBee have the right to provide access to any information provided by you or on your behalf to any company involved in the provision of the PensionBee Services.
We will rely on any communication which we reasonably believe to have been made by you (or on your behalf). We are entitled to treat instructions validated with your passwords as genuine. Where we are unable to validate your instructions for any reason, we will be entitled to follow our internal security procedures to handle your requests.
When using PensionBee Services, it is your responsibility to have secure access to the Internet and we recommend that you change your passwords regularly to keep your details as secure as possible. In addition we strongly suggest that you do not use the same password for any other online accounts you hold.
You must not disclose your username, password or other secure information to anyone else and you acknowledge and agree that you shall be responsible for any losses, damages or liabilities you suffer from any disclosure you do make. Where such disclosure leads to your Account being blocked we will not be liable for any losses that could arise. Where we believe the integrity of our systems could be compromised by you providing your username, password or other secure information details to a third party, we reserve the right to block online access to your Account and take such other reasonable action as may be necessary to protect us or you.
You must report any information loss, suspected theft or misuse of your Account to us as soon as possible by calling us at 020 3457 8444 or by email on firstname.lastname@example.org.
You acknowledge and agree that we accept no liability for any damage, liability or loss suffered by you or any third parties resulting from you not having complied with these Terms or your failure to take reasonable security precautions.
By initiating the process to establish an Account or utilising any PensionBee Service, you agree and consent to our monitoring and recording any or all of our interactions with you (including telephone conversations), including for the purposes of improving the PensionBee Services or meeting any of our regulatory requirements.
Provided that we send you correspondence to the email address and/or postal address you have provided, we will not be deemed to have failed in any duty of privacy, nor be liable for any losses, costs or expenses which may arise from a third party intercepting the communications and we shall not be responsible for the loss of any documents, or the cost of replacing them, or for any other loss, cost or expense resulting from delay, or failure of delivery of, any communication we send or receive in such manner.
12. Our fees
Using PensionBee to locate your pensions is always completely free. Charges only apply when you move your pensions to a PensionBee Plan.
Once you have invested in your PensionBee Plan the fees and charges as disclosed in this Section 12 (Our Fees) apply.
At PensionBee one of our core objectives is to provide better value pension plans for UK savers. For most customers of the PensionBee Personal Pension, the only fees they will pay will be the annual management fees. In these circumstances your fees are automatically deducted from your PensionBee Plan and no action is required on your part.
There are a number of extra services that we can provide customers should they require them, some of which come at an extra cost. These are outlined below at Section 12.3 (Optional Extra Services).
All fees and charges will be paid in British pounds sterling.
All amounts in these Terms are expressed exclusive of VAT unless otherwise expressly stated in these Terms. Currently management fees and certain other fees listed herein are exempt from VAT under UK law. If any such exemption ceases, VAT will be payable by you on any affected fees where VAT is imposed and any such VAT will be in addition to the figures shown below.
12.1 Annual management fees
Your annual management fee is based on a fixed percentage (%) which for each of the PensionBee Plans is:
|PensionBee Plan||Annual Management Fees (fixed percentage)|
By way of example of how the annual management fees on PensionBee Plans are calculated, below we show the actual £ figures of fees based on a pension pot of £20,000:
|PensionBee investment plan||Annual Management Fee (in %)||Annual Management Fee (In £)|
The annual management fee is allocated to PensionBee and the appropriate Money Manager as follows:
|PensionBee investment plan||Annual Management Fees|
|Received by the money manager||Received by PensionBee||Total|
12.2 Free services
The following PensionBee Services will be included in your PensionBee Plan at no extra cost:
- the PensionBee Location Service;
- the PensionBee Consolidation Service;
- regular and one-off voluntary contributions;
- Regular rebalancing of investments (Match Plan and Tailored Plan only);
- Age-driven investment allocation & money management according to retirement desires (Tailored Plan only);
- Free 30-day cancellation
- Free transfers out at any point
There are no “inactivity fees”, exit fees or minimum balance requirements.
12.3 Optional extra services
By utilising the PensionBee Services and taking up a PensionBee Plan, you authorise for the fees shown below to be automatically deducted from your PensionBee Plan fund balance by PensionBee at the relevant time.
|Customer support services|
|Pension splitting: if you get a divorce||£300 + VAT|
|Pension death benefits: if you pass away||£300 + VAT|
|Arranging of paper communication (by post)||£10 + VAT|
|Retirement services (after age 55)|
|Taking your PensionBee Plan in cash at once||£150 + VAT|
|Drawing a tax-free lump sum from your pension||£90 + VAT|
|Additional fee for drawing a lump sum where any tax is payable||£60 + VAT|
While expected to be minimal, any BACS charges and telegraphic transfer charges paid directly by us in relation to any transaction for you shall be automatically recoverable from your PensionBee Plan.
12.4 Recovery of fees and charges
The fees and charges set out in this Section 12 (Our fees) may be amended from time to time following any periodic review of fees and charges or other event (including, without limitation, any changes to regulations imposing additional costs on the PensionBee Personal Pension or with respect to any of the PensionBee Services). Where there is an amendment of any fees or charges payable by you we will advise you by email notice in advance of any change, to the extent possible.
You agree and authorise us to sell any underlying investments in your PensionBee Plan to cover (i) any outstanding fees or charges due from you or (ii) any amounts that have been inadvertently paid to you in excess of the actual value of your PensionBee Plan. Where it is not possible to sell underlying assets within your PensionBee Plan, PensionBee may require you to meet outstanding fees by cheque, debit card or direct debit at our discretion. See further in these Terms at Section 13 (Taxes) for details of circumstances where PensionBee and/or PensionBee Trustees may need to raise monies for other reasons, for example to send tax relief back to HMRC. In all circumstances, your interests in the underlying investment of your PensionBee Plan will only be sold to the degree required to meet the outstanding amounts.
There are costs related to trading the underlying investments in your PensionBee Plan. The costs are frequently referred to as “transaction costs” and may include currency conversion costs and transaction taxes. Transaction costs are not fees charged by PensionBee or PensionBee Trustees. Transaction costs are included in the price of the units in your PensionBee Plan and are not charged separately.
Management fees are calculated daily and are based on the value of your PensionBee Plan on the day, with valuation processes and timing used for these purposes varying depending upon the specific terms of the underlying investment for the PensionBee Plan you choose. We calculate the fees payable on the basis of there being 365 days per year.
You acknowledge that where you transfer your PensionBee Plan to another pension plan, any management fees will continue to apply until the transfer has been completed.
Where permitted by the rules of the Financial Conduct Authority, any of PensionBee or PensionBee Trustees may receive payments from the Money Managers and other providers. PensionBee and PensionBee Trustees are each responsible for complying with any legal requirements to disclose any such payments received from Money Managers or other providers or otherwise any retained interest/commission on holding of your cash.
You will continue to be responsible for any outstanding fees or charges assessed on your PensionBee Plan irrespective of whether or not your PensionBee Plan has been cancelled, terminated, or its balance has been reduced to zero.
You may be charged interest on money you owe on account of fees and charges on your PensionBee Plan at 5% per annum above the Bank of England Base Rate throughout the period of delayed payment of such fees and charges. Any of PensionBee or PensionBee Trustees may also make other financial institutions and/or credit reference agencies aware of your payment record: this may adversely impact your credit history and scoring in future. Where you are in arrears of paying any fees and charges, PensionBee and PensionBee Trustees may also immediately cancel, terminate and/or suspend any contract with you without having any resulting liability to you. Where it is determined by PensionBee and/or PensionBee Trustees that it is necessary to take legal action against you for recovery of a debt then you acknowledge and agree that you will be liable for any and all expenses incurred by PensionBee and/or PensionBee Trustees (in each case as applicable) in undertaking such action, including for any costs of engaging legal counsel and other court costs.
You acknowledge and agree that at all times you will remain entirely responsible for the management of your tax affairs in relation to any pension you hold, including your PensionBee Plan, and complying with any tax rules in relation to your PensionBee Plan contributions and taking advantage of any tax deductible allowances as permitted from time to time, making any applicable returns and payments and generally complying with any applicable taxation and/HMRC laws and regulations. You are also responsible for ensuring that you obtain all applicable information to complete any applicable forms to comply with your tax obligations and acknowledge and agree that you, not PensionBee, PensionBee Trustees or any Money Manager, shall be responsible for complying with any reporting requirements.
There are currently statutory annual and lifetime caps on the amount of tax deductible contributions you are permitted to make to your pensions, including your PensionBee Plan. If you exceed these caps you will not be entitled to the tax deductions on those excess payments. PensionBee and PensionBee Trustees are not in a position to and therefore will not monitor your annual and lifetime caps and whether you have exceeded such caps. If you are making a personal contribution, we only accept contributions that are eligible for tax relief, and PensionBee will automatically apply for basic rate tax relief on all personal contributions. If applicable, you can claim higher rate relief through your self assessment tax return. You are responsible for ensuring that your contributions are within the overall limits for tax relief and you shall indemnity and hold harmless each of PensionBee and PensionBee Trustees from any and all liabilities arising as a result of any claims for tax relief in excess of your allowance.
Where you make a contribution which is not eligible for tax relief (whether knowingly or not), you are allowed to have that contribution refunded. However, you can only have the value of that contribution refunded by making a redemption of units in your PensionBee Plan. This means you will be repaid an amount determined on the basis of any increase or decrease in the value of those units for the time you held your PensionBee Plan (which variations reflect the performance of the relevant PensionBee Plan over that period), with management fees and potentially transaction fees also being deducted from the balance of your PensionBee Plan before you receive a payment.
Any excess tax relief at any time received from HMRC must be returned. We will not accept responsibility for any interest levied by HMRC on a refund of overpaid tax relief. You further acknowledge and agree that: (i) PensionBee is permitted to sell any assets within your PensionBee plan and use the proceeds to cover any amounts due to HMRC (including for the payment of any penalties or interest assessed by HMRC on any amounts you owe or with respect to any failure to comply with relevant tax law by you) or any other tax authority on your behalf; (ii) you are responsible for making any lifetime allowance charge election required by law and (iii) where there is an annual allowance charge incurred by you, PensionBee is permitted to make deductions from your PensionBee Plan including for charges or penalties levied against the PensionBee and/or PensionBee Trustees Limited in relation to such annual allowance charge. Please see further in the Rules (provided on the PensionBee Website) at Rules 9.12 and 9.13 which are important terms binding upon you and your PensionBee Plan in relation to any taxes that may be levied on or deducted via assets sales as described herein from your PensionBee Plan and for treatment of tax deductible allowances or required adjustments to these allowances and any payments to the HMRC required to be made in connection with them.
If there are insufficient assets in your PensionBee Plan to cover the amount due to HMRC, or your PensionBee Plan has since been transferred to another pension provider or used to provide benefits, PensionBee and PensionBee Trustees reserve the right to recover the shortfall directly from you and you acknowledge and agree to such recovery.
All payments made to you related to income arising from cash or investments in your PensionBee Plan shall be subject to deduction of any applicable taxes.
14. Taking benefits
An application to take benefits must be made using the relevant form available in your Account. If you require benefits, funds will then be disinvested to meet this request. If you require benefits directly after transferring in or contributing please note that the funds will be invested immediately and a disinvestment will then be processed to meet your request. If at any time you take a payment from your PensionBee Plan which would leave (after the payment out has been completed) less than £1,000 in your PensionBee Plan, we may close your PensionBee Plan and pay out the full amount as taxable income, less any applicable fee (see further in these Terms at Section 12 (Our fees) above).
Your beneficiaries may be entitled to death benefits should you pass away. Your beneficiaries will be required to send us either the original or a certified copy of your Death Certificate, and these Terms shall continue to apply until your PensionBee Plan is closed. It is your responsibility to ensure your beneficiaries or executor of your estate are aware of your investment with us and the details of your PensionBee Plan. Failure by your beneficiaries to claim your death benefits within the prescribed period may result in the forfeiture of those benefits (see further in the Rules regarding forefeiture of benefits for failure to claim).
16. Leaving your PensionBee Plan
You have a statutory cooling off period of 30 days in which to cancel your application for a PensionBee Plan. The same statutory cooling off period will apply to any subsequent existing pension plan that you decide to transfer into your PensionBee Plan but this will not apply again to earlier transferred pensions or to any subsequent voluntary contributions you may make within your PensionBee Plan (whether one off contributions or regular contributions). Cancelling your PensionBee Plan within the statutory cooling off period will result in our transferring your pensions back to your previous provider, assuming they are willing to accept the pension again.
Where units in the underlying investment in your PensionBee Plan are sold to make a payment to you (whether upon transfer to a new pension provider or otherwise), you may suffer a shortfall between the amount you invested and the value you get back after cancellation of the units. This shortfall may arise from a decrease in the value of the underlying investment of your PensionBee Plan from the prices at which you invested (which variations reflect the performance of the relevant PensionBee Plan over that period), as well as deductions on account of management fees and potentially transaction fees from the balance of your PensionBee Plan before you receive a payment. Any shortfall will be borne by you.
If you wish to transfer your savings out of your PensionBee Plan, you will need to set up an account with an alternative pension provider into which you can make the transfer. This new provider will contact PensionBee to arrange the transfer and PensionBee will facilitate the transfer of your savings to your new provider (subject to the payment of any fees specified within these Terms and detailed in Section 12 (Our Fees)). Where you transfer your investment to an alternative provider, your investment will be transferred as cash in British pounds sterling. Your monies will not be transferred until we have conducted the appropriate checks of your new provider to meet our obligations to ensure the transfer complies with regulatory requirements applicable at the time.
If you apply to transfer your PensionBee Plan, either to purchase an annuity or to transfer to another pension arrangement, unless you provide specific instructions to the contrary, PensionBee will not transfer your PensionBee Plan until we have received all outstanding tax relief due to you.
On or before your transfer out of your PensionBee Plan in full, you will pay us all outstanding fees relating to any PensionBee Service and any transactions already initiated prior to termination. You will also pay any expenses necessarily incurred by us in terminating these Terms and in concluding outstanding obligations and you will bear any losses realised in concluding any outstanding obligations.
There is no binding minimum length you must hold your PensionBee Plan for. These Terms may be terminated, with immediate effect, by you giving written notice that you wish to cancel your PensionBee Plan and communicating to us the subsequent pension provider to whom you wish us to transfer the balance of your PensionBee Plan, less any deductions, fees or charges permitted in accordance with these Terms. Termination of these Terms shall be without prejudice to the completion of transactions already initiated under these Terms. Such transactions will be completed by us as soon as practicable, provided that you pay us all outstanding amounts owing to us under these Terms.
Cheques or payment orders that remain uncashed and residual balances not claimed or transferred will not attract interest or entitle you to participate in any performance of the underlying investment of any PensionBee Plan you held interests in previously, nor shall they entitle you to receive any other benefits from membership of any PensionBee Plan.
You shall forfeit the right to receive any payments that are not claimed within six (6) years of the date on which such payment was due to be made to you or your beneficiary.
You agree that, on termination of your PensionBee Plan, or its transfer, any subsequent residual balance in your PensionBee Plan of £5 or less may at the election of PensionBee Trustees (acting as directed by PensionBee), be donated to a registered charity selected for this purpose in accordance with any requirements of the Rules.
Once your online Account access has been stopped, you will no longer be able to access the documents saved in your Account or access any other PensionBee Services in relation to your terminated PensionBee Plan. It is your responsibility to ensure that you have downloaded and saved any and all documents that you require whether for regulatory, taxation or other purposes. PensionBee Services do not include the retention and delivery of any documentation or records to you after the expiry of your access to your Account in accordance with these Terms and you acknowledge and agree that we are not liable for any damages, losses or liabilities you may suffer for any failure to retain copies of relevant records after the expiry of your access to your Account.
17. Changes to these terms
We may change these Terms, including our fees, from time to time in whole or in part, without further consent from you. We will notify you of material changes to these Terms by sending you the amended Terms by email. We will also make the amended Terms available on the PensionBee Website. Subject to regulatory requirements, we will give you at least 30 days notice of any changes that may be detrimental to you, but small drafting changes may be implemented immediately.
18. New/replacement PensionBee Plans
The underlying investments in any PensionBee Plans (including your PensionBee Plan) offered by the PensionBee Personal Pension may be changed from time to time, including by a decision of the relevant Money Manager offering such underlying investment to cease offering underlying investment option. Where your PensionBee Plan is no longer offered, it will not be possible for you to make further contributions to such PensionBee Plan, whether by way of one off or regular contributions, or the transfer of further existing pensions.
Where a Money Manager has decided to cease offering or close your PensionBee Plan, the relevant Money Manager may require the PensionBee Personal Pension to switch the investment of the PensionBee Personal Pension (including your PensionBee Plan) to a new underlying investment, or the PensionBee Personal Pension may choose to exit that investment option in favour of a new investment option with that Money Manager, or to seek to switch its investment to another investment option with a new Money Manager. If this happens, PensionBee will (i) promptly inform you of any such changes to your PensionBee Plan and its underlying investment proposed by the Money Manager, including providing you with updated fact sheets for the proposed underlying investment, and (ii) provide you with the opportunity to either nominate an alternative PensionBee Plan you wish to transfer to, at no cost, or give you the right to terminate your PensionBee Plan and transfer out of the PensionBee Personal Pension. In the absence of your providing instructions to transfer or terminate in these circumstances, you acknowledge that your PensionBee Plan will be transferred or switched to the new proposed underlying investment of the Money Manager without need for further authorisation or notice.
19. Conflicts of interest
We are determined to treat our customers fairly at all times. We have a policy in place to ensure that we identify and handle conflicts fairly and treat our customers with honesty and integrity at all times. We may receive reasonable gifts, sample products, free demonstrations or presentations, hospitality or associated promotional materials from product providers whether in relation to the provision of the PensionBee Services or otherwise, but these are subject to our conflicts policy and are closely managed to ensure customer interests are not adversely affected.
You should contact us promptly if you are dissatisfied with any aspect of the PensionBee Services.
Telephone: 020 3457 8444
Write: PensionBee, 201 Borough High Street, London SE1 1JA
Your complaint will be handled in accordance with the Financial Conduct Authority rules. We treat every complaint very seriously and aim to resolve each complaint fairly and promptly. We have a written policy available on the PensionBee Website about how we deal with complaints and how we ensure each complaint is dealt with promptly and fairly.
We hope to resolve all complaints amicably. However, should we fail to resolve a complaint to your satisfaction or if we fail to do so within eight (8) weeks of receiving your complaint, you can also direct your complaint to the Financial Ombudsman Service:
Phone: 0800 023 4567 or 0300 123 9123
Write: Financial Ombudsman Service, Exchange Tower, London E14 9SR
You may also find it useful to use the Online Dispute Resolution platform to help settle your dispute.
21. Financial Services Compensation Scheme
The FSCS is the UK’s compensation fund of last resort for customers of authorised financial services firms; see further www.fscs.org.uk. The FSCS covers business conducted by firms authorised by the Financial Conduct Authority and the Prudential Regulation Authority (PRA), the independent watchdogs set up by government to regulate financial services in the UK and protect the rights of consumers. FSCS’s protection is governed by the PRA and the Financial Conduct Authority’s rules. The PRA’s rules cover claims in relation to deposits as well as life and general insurance policies and are set out in the Depositor Protection and Policyholder Protection sections of the PRA Rulebook.
As the PensionBee Plans are structured as investments in long term unit-linked insurance policies, they are protected by the FSCS for 100% of your proven claims as assessed and accepted by the FSCS (without upper limit).
Additionally, PensionBee is a Financial Conduct Authority regulated entity and accordingly you are covered for claims of up to £50,000 should we become insolvent.
22. Market abuse
Certain types of behaviour, such as insider dealing and market manipulation, can amount to market abuse. Types of conduct constituting market abuse are set out in Section 118 of the Financial Services and Markets Act 2000 and in the Market Abuse Directive. By purchasing a PensionBee Plan, you agree that you will not take part in any activity that may be construed as market abuse. You agree that you will not engage in market abuse in any way and that you will not require or encourage others to do so. If you have any doubts as to whether your activities may be considered market abuse, you should take legal advice. If we believe or have suspicions that you may be engaging in market abuse on your PensionBee Plan, we reserve the right to take any action that we deem to be appropriate. This may include, but is not limited to, refusing to follow any instructions you issue. In such circumstances, we will be under no obligation to provide you with reasons for our actions.
We may actively monitor levels of trading and/or refuse applications or trades from anyone who is considered to have a history of short-term or excessive trading or whose trading has been, or may be, disruptive.
23. Other legal matters
If there is any conflict between these Terms, the Rules, the PensionBee Key Features Document, any Money Manager documentation or relevant factsheets or any other PensionBee document and the Finance Act 2004, then the Finance Act 2004 and subsequent amending provisions and legislation will prevail. All payments or transfers to or from your PensionBee Plan and the operation of your PensionBee Plan in general will be subject to any UK legislation in force at the time.
We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Terms that is caused directly or indirectly, and whether wholly or substantially, by any one or more events that is an Event Beyond Our Control. An “Event Beyond Our Control“ means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks. If an Event Beyond Our Control takes place that affects the performance of our obligations under these Terms we will notify you as soon as reasonably practicable and our obligations under these Terms will be suspended and the time for performance of our obligations will be extended for the duration of the Event Beyond Our Control and potentially further. You may cancel the contract if an Event Beyond Our Control takes place and you no longer wish us to provide to you the PensionBee Services.
These Terms, and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to these Terms or their formation (including any non-contractual disputes or claims) shall be governed by and construed in accordance with English law and you agree to submit to the exclusive jurisdiction of the English Courts. We will communicate with each other exclusively in English.
BY PROCEDING TO PURCHASE A PENSIONBEE PLAN YOU ARE CONFIRMING THAT YOU HAVE READ, UNDERSTOOD AND CONSENTED TO BE BOUND BY THE CONTENTS OF THIS DECLARATION. IF THERE IS ANYTHING THAT YOU DO NOT FULLY UNDERSTAND, YOU SHOULD SPEAK TO PENSIONBEE, OR SEEK INDEPENDENT ADVICE BEFORE CONTINUING.
As the PensionBee Personal Pension provides retirement benefits to its customers on a Money Purchase (defined contribution) basis, the level of benefits achievable at the point you wish to retire will depend on a number of factors, including:
The size of the fund attributable to you at the point you wish to retire: this will be dependent on the amount you contribute to invest into your PensionBee Plan, through transfers and contributions, plus the performance of the underlying investments held by your PensionBee Plan, minus any fees incurred along the way;
The timing of your retirement: the values of the underlying investments held by your PensionBee Plan will fluctuate with market conditions. The value of an investment can go down as well as up and there is always the risk that you may not get back the full amount (or any) of what you originally invested in your PensionBee Plan. If you decide to purchase an annuity with your retirement savings, then it’s important to remember that annuity rates also fluctuate with market conditions;
Pension Tax Legislation: the taxes applicable to your contributions to your PensionBee Plan or applicable to your PensionBee Plan itself, is subject to change which could be more or less favourable to the growth of your savings within your PensionBee Plan and the options available to you at the point you wish to retire; and
Tax Rates: these rates are also subject to change and may affect the retirement income that you receive.
Some investments are a higher risk than others and you should understand the risk profile of the underlying investments for your PensionBee Plan. We offer an execution-only service. We do not provide any form of advice to you and will not advise you on whether it is appropriate that you invest in the PensionBee Personal Pension, the amount you should invest in the PensionBee Personal Pension or any pension scheme, or which PensionBee Plan would be appropriate for you to invest in.
By applying for your PensionBee Plan, you acknowledge and declare that you are purchasing a PensionBee Personal Pension, which is administered by PensionBee and:
(a) confirm you have read and understood these Terms, the Rules, the PensionBee Key Features Document, and relevant disclosure documents for your PensionBee Plan;
(b) understand and acknowledge that the information you provide to PensionBee including with this application for initiating an Account will be used by PensionBee to determine whether to permit you to receive PensionBee Services;
(c) agree to be bound by these Terms and the Rules;
(d) if you are not already subject to the Money Purchase Annual Allowance (MPAA) you will trigger this from the date of your first flexi-access payment from this Plan, unless you trigger this under any other pension arrangement before this payment is made. If you do trigger the MPAA under any other pension arrangement, then it’s your responsibility to inform us of this within 91 days of the trigger. If you are already subject to the MPAA, you agree to supply the date the MPAA first applied to you;
(e) you acknowledge and understand that you will not be able to cash-in, assign, or take as a lump sum benefits except as allowed by Part 4 of the Finance Act 2004 (as amended);
(f) you are aware of the current limits and allowances regarding tax relief and you declare that:
(i) the total contributions that have been or will be paid to any registered pension arrangement in respect of which I am entitled to tax relief under section 188 of the Finance Act 2004 will not exceed the higher of the following: (X) The basic amount (£3,600); (Y) your “relevant UK earnings” for the tax year in question, within the meaning of section 189 of the Finance Act 2004; or (Z) the Annual Allowance;
(ii) the declaration and information I have given in this application is, to the best of my knowledge and belief, correct and not misleading;
(iii) you will give notice to us in writing by the end of the tax year (5th April) or within 30 days (whichever is later) if there is a change in: your residency status, other personal information such as a change of name or permanent residential address and/or status affecting qualification for tax relief; and
(iv) we have your authority to complete any anti money-laundering checks on parties making contributions, in each case as required by any applicable law from time to time;
(g) you declare that the information provided by you in applying for any of the PensionBee Services, and any other documents completed in connection with this application, is to the best of your knowledge and belief, correct and complete. You will not require, nor attempt to require, the withdrawal of savings held to provide benefits for you under the PensionBee Personal Pension, or the income on those savings, other than in accordance with the Rules. In the event that an unauthorised payment is made, you agree to us deducting the amount of any sanction charge or other charge levied by HMRC on us from the monies held for you in your PensionBee Plan in order to pay that charge to HMRC. If there are insufficient monies held for you in your PensionBee Plan, you agree to pay us the amount by which the charge exceeds the value of your PensionBee Plan;
(h) you agree to the fee structure set out in the Terms and understand that appropriate fees and expenses may be paid to PensionBee and/or any applicable Money Manager by the realisation of assets within your PensionBee Plan and the withdrawal of resulting cash proceeds from your PensionBee Plan; and
(i) you agree that if you decide to cancel your PensionBee Plan within the cooling off period of the first 30 days, you will immediately pay back to PensionBee any pension commencement lump sum figure (commonly known as tax-free cash) and any income payments you have received from your PensionBee Plan.
Data Protection Act 1998 - Your information
Any information supplied by you will be treated in the strictest of confidence and will be held by us in accordance with the Data Protection Act 1998.
You understand and agree that:
(a) information about you will be held by PensionBee Limited for business analysis, fraud prevention and to keep accurate and up to date records. It is a serious offence to make false statements;
(b) you acknowledge that PensionBee will use the information provided about you to check your identity and that of any other person contributing monies on your behalf towards your PensionBee Plan made in your name. All checks are recorded and PensionBee will use scoring methods to verify your identity as this provides a thorough check of the available data. It is a serious offence to make false statements. If you supply false or inaccurate information and PensionBee suspects fraud, PensionBee will inform the fraud prevention agencies. If PensionBee cannot verify your identity by electronic means, PensionBee may ask you for additional information; and
(c) under the Data Protection Act 1998, you can ask to see a copy of the personal information held about you by writing to PensionBee. You should write to PensionBee if you want a copy of any of this information.
You understand and agree to the following statements:
I authorise and instruct you to transfer sums and assets from the plan(s) as listed in the appropriate section of this application directly to PensionBee and to provide any instructions and/or discharge required by any relevant third party to do so.
I authorise PensionBee and the current provider to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to PensionBee.
I authorise PensionBee, the current provider and any employer paying contributions to any of the plan(s) as listed in the appropriate section of this application to obtain from each other, and to release to each other, any information that may be required to enable the transfer of sums and assets to PensionBee.
Until this application is accepted and complete, PensionBee’s responsibility is limited to the return of the total payment(s) to the current provider(s).
When payment is made to PensionBee as instructed, this means that I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in the appropriate section of the application where the whole of the plan is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.
I accept responsibility in respect of any claims, losses, expenses, additional tax charges or any penalties that PensionBee and the current provider may incur as a result of any incorrect, untrue, or misleading information in this application or given by me, or on my behalf, or of any failure on my part to comply with any aspects of this application. This includes where I have been asked to provide any original policy document(s) in return for the transfer of funds and I am unable to do so.
If I’ve taken any benefits from any pension arrangement, with the current or any other pension provider, in a way which means that I am subject to the Money Purchase Annual Allowance (MPAA), I have supplied the date the MPAA first applied to me in this application form.
I apply to PensionBee to accept the transfer from the current provider and to pay it into my PensionBee Personal Pension. I confirm that the information provided relevant to my application to transfer benefits into my PensionBee Personal Pension is correct and complete, to the best of my knowledge and belief.
I confirm that I have not received any advice or recommendation in relation to the transfer from a representative of PensionBee.