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Pension fees

At PensionBee, we take care of your pension for one simple annual fee.

What does our fee cover?

Joining PensionBee is free. We charge a simple annual fee to manage your pension, depending on how much you’ve saved into your pension.

We also won’t charge you anything for:
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transferring your pensions to PensionBee or out of PensionBee to another provider;

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switching to a different PensionBee plan;

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contributing to your pension; or

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withdrawing from your pension*.

*If your pension pot has been with PensionBee for less than a year and you wish to withdraw it in full, then a full withdrawal fee of £150 applies, including if the value of your account is less than £150 at the point of withdrawal.

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Open and transparent fee structure

Honesty is one of our five core values, and essential when it comes to how we talk about our fees. Here are the key things you need to know.

One simple fee

Like all pension providers, we charge a fee to manage your pension. Unlike many providers, though, we don’t charge additional fees like platform fees, fund fees, trading fees and other extra fees. These aren’t always clearly displayed, making it harder to figure out exactly how much you’re really paying in total. At PensionBee we keep it simple with a fee that includes all the key aspects of managing your pension with us.

How our fees are charged

Your annual management fee is calculated based on the daily value of your PensionBee plan and your account will be charged each month. If you withdraw your pension in full (available from the age of 55, rising to 57 from 2028), switch plans or transfer your pension to another provider, you'll only be charged a proportion of the annual management fee up to when your request has been completed.

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Pension pot size< £100k£250k£500k£1 million
Tailored0.70% 0.49%0.42%0.39%
Tracker0.50%0.35%0.30%0.28%
Impact0.95% 0.67%0.57%0.52%
4Plus0.95%0.67%0.57%0.52%
Shariah0.95%0.67%0.57%0.52%
Preserve0.50% 0.35%0.30%0.28%
Pre-Annuity0.70% 0.49%0.42%0.39%
*The table illustrates the overall percentage fee you’ll be charged on your pension for the exact amounts shown above across all our pension plans. 

Save more pay less

The amount you’ll pay depends on how much you’ve got in your pension. You’ll pay between 0.50% and 0.95% depending on the plan you choose, and we'll halve the fee on the portion of your savings over £100,000.

You can use this table to see the overall fee for a particular account size. For example, if you have £250,000 in your pension and you’re invested in the Tailored Plan, you’ll be charged 0.70% on the first £100,000. For the amount over £100,000 the fee will be halved. This means you’ll be charged 0.35% on the remaining £150,000. Your overall annual fee would be 0.49% of your total pension pot value of £250,000.

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Supporting you to retirement and beyond

Our simple fee covers all aspects of managing your pension. From our award-winning digital experience and having your money managed by the world’s leading money managers to our support throughout your journey saving for a happy retirement and beyond.
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Modern pension management

Get started combining your pensions into one easy-to-manage account in minutes. Make free and flexible contributions and hassle-free withdrawals from the age of 55 (57 from 2028) with no forms to fill out. We make it easy to stay on top of your pension 24/7 through our app or website. Experience a pension product built for the 21st century. 

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Industry-leading customer service

Sometimes, only human support will do. So, once you sign up to PensionBee you'll be given your very own UK-based account manager, or "BeeKeeper". They'll guide you through the transfer process and beyond.

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Purpose-built pension plans

We have a range of plans carefully selected to meet different savings needs including socially responsible plans like our Impact and Shariah plans. All plans are managed by some of the world’s largest and most experienced money managers, responsible for more than £18 trillion of investments between them.

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Value for Money

PensionBee has been recognised as a low-cost pension provider by Boring Money and rated as excellent in the value for money it provides for its Investment Pathways drawdown options. Read the GAA’s 2023 report.

Pension costs

The fee for our plans covers the complete management of your pension. However, there are some other costs related to your pension that you should be aware of.

Transaction costs

Whenever you invest your money, whether it's in a pension, ISA or other investment product, transaction costs will apply. Transaction costs arise when your money manager buys or sells investments to maintain your plan. Our pension plans are no different, which is why our money managers (BlackRock, State Street Global Advisors and HSBC), will sometimes incur transaction costs when they manage your money.

Transaction costs are very small, as we only work with the largest money managers in the world, and cost around 0.04% of the value of your pension each year. They’re separate from your annual management fee (so we don't make any money from them) and most money managers now separately disclose these costs.

Early withdrawal fee

Drawing down from your pension is completely free, unless you withdraw everything within 12 months of having a live balance with us or the balance of your account is less than £150 at the point of withdrawal (a full withdrawal fee of £150 will apply). All figures include VAT where applicable.

FAQs

Combine your old pension pots into one new online plan. It takes just a few minutes to sign up.

Get started

Have a question?Call our UK team020 3457 8444

Monday-Friday: 9:30am-5pm