Pension management shouldn’t be difficult. Which is why we’re always looking to build new tools and features that simplify retirement planning. Here’s a look at nine PensionBee features designed to help you build pension confidence and put you in control of saving for a happy retirement.
1. See your retirement income in one place
Add the values of any non-PensionBee pensions you may have to your BeeHive’s ‘Retirement Planner’. This gives you a clearer view of your total pension income, making it easier to see how long your money could last and how much more you may need to save, depending on your retirement goals. And if you’re ready to combine those other pots into just one pension, you can select the ‘Transfer my other pensions’ button.
Log in to your BeeHive through our website or app and open the ‘Analytics’ tab, and select add other pension values.
2. Understand how your plan’s performing with your fund past performance chart
Understand how the fund your pension’s invested in has performed with your plan’s fund performance chart. See how £10,000 would’ve grown if you’d invested that money into a plan’s fund five years ago. It’s worth remembering that past performance isn’t an indicator of future performance and the value of your pension can go down as well as up. However, tracking performance over time, including during periods of volatility, against the fund’s benchmark, and each plan’s objective, can give insight into how the fund might perform in future.
Find your ‘Fund past performance’ chart in your BeeHive. Go to ‘Account’ then ‘Plan information’ (‘My plan’ in the app). To see the performance chart for our other plans, scroll to the bottom of your plan page and select ‘View plans’, then ‘Plan info’.
Please note, there’s limited historical data for our Climate Plan and Global Leaders Plan due to when these plans launched and the available data.
3. Stay in the know with pension news and insights with our app’s ‘Discover’ tab
Get the latest pension insights and educational content without leaving your app. From retirement planning tips to market updates and pension rule changes, you’ll find everything you need to help you become more pension confident. Read, watch and listen with our blog articles, videos and the Pension Confident Podcast.
Open the PensionBee app and tap the ‘?’ icon in the top right-hand corner to dive into our resources.
4. Get help and guidance to prepare and adjust for life in retirement
Retirement is about spending your time the way you want to. But there’s plenty to consider to help you prepare, such as:
- how much you might need to retire;
- your options for taking your pension as income;
- tax considerations; and
- where to turn for support.
Our retirement planning section on the website is a one-stop resource for retirement planning. Packed with tools, guides, checklists and expert insights to help you become pension confident.
Get the key info you need on retirement planning.
5. Learn how much you could boost your pension savings by with our Pension Tax Relief Calculator
Our Pension Tax Relief Calculator helps you calculate how much tax relief, in the form of government top ups, you could get on your personal pension contributions. The amount you receive depends on which tax band you’re in. Most basic rate taxpayers get a 25% tax top up. This means HMRC adds £25 for every £100 you pay into your pension, making it £125.
Pop in your annual earnings and contribution amount, and we’ll break down your tax relief entitlement, including whether you could claim additional relief through Self-Assessment if you’re a higher or additional rate taxpayer. If you’re a basic rate taxpayer, we’ll automatically claim a 25% tax top up for you on eligible contributions. However, you can also claim tax relief yourself, depending on your circumstances.
See how much you could boost your pension savings, and if you want to adjust your contributions.
6. Discover how much tax you may have to pay on pension withdrawals with our Drawdown Calculator
Currently, you can start withdrawing from age 55 (rising to 57 from 2028). One of the big benefits of paying into a pension is growing your savings tax-free. However, you’ll need to pay tax when you start withdrawing more than your 25% tax-free allowance. Use our Drawdown Calculator to help you estimate how much tax you could pay and how much you’ll have left in your pot after withdrawing.
Start planning pension withdrawals with our Drawdown Calculator.
7. See how far your savings could go in retirement with our Inflation Calculator
The reality of inflation means the price of everyday goods like fuel continues to rise over time. So, the money you spend in the future won’t be able to afford as much as it can today.
Use our Inflation Calculator to see how inflation could impact the value of your pension at retirement. This’ll help you make adjustments like increasing contributions, which could help your pension outpace inflation.
8. Get dedicated UK-based support
Every customer gets their very own UK-based account manager, known as a ‘BeeKeeper’. From transfer queries to helping you understand more about how pensions work, our BeeKeepers offer personalised guidance and are on hand to support you every step of the way.\ Contact your BeeKeeper by logging in to your account and heading to the ‘Support’ tab on the website or tapping the ‘?’ icon in the app and selecting the ‘Help’ tab where you can email your BeeKeeper. Plus, you can also get in touch by phone or via live chat on our website.
9. Ensure your pension goes where you want when you pass away
As pensions aren’t currently considered to be part of your estate, they can’t be passed on through a will. To be sure your pension goes to who you prefer when you pass away, let us know by adding your beneficiaries. You can do this in your BeeHive. Add up to four people or charities in your BeeHive if you want to split your pension among beneficiaries, and contact us if you want to add more. It’s a quick and easy process to ensure your pension savings end up where you want them to.
Log in to your BeeHive and add or change your beneficiaries. Head to your Account tab and select ‘Beneficiaries’ to get started.
Plan and adjust for life in retirement
Whether you’re just starting your pension journey or approaching retirement, our tools and features can help make pension management simpler. Sign up or log in to manage your pension or use our calculators to check your progress or adjust your retirement planning.
Future product news
Keep your eye out for our next product blog or catch up on previous blogs. We’re looking forward to spotlighting more of our handy features and free financial tools, plus we’ve got lots of great new updates in the works. Once released, we’ll let you know what they are and how they can help you save for a happy retirement.
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
