In this article, I review my experience of joining up to Pension Bee. I cover the pros and cons of joining up to Pension Bee, plus a final verdict with a £50 refer a friend bonus to your pension account once you complete. *Disclosure: If you complete a Pension transfer via Pension Bee, we both get a £50 added to our pensions. This article is a review and not financial advice of any kind.
What is Pension Bee?
PensionBee is a leading online pension provider, helping you transfer your old pensions into one new plan, that you can then manage online. Pension Bee lets you manage your pension like you manage your bank account: check your live balance, see your projected retirement income, and set up contributions.
What is the Pension Bee Calculator
A pension calculator is a tool that estimates your projected retirement income based on duration of years you have left until retirement and your long terms saving goals. With PensionBee’s pension calculator you can set a retirement goal and see if your savings seems to be on track.
How much does Pension Bee Cost?
An annual pension fee in the market of 1–2% should be considered expensive. Pension Bee fees depend on the type of account you choose. PensionBee’s annual management fees range between 0.50% and 0.95%. Personally, my one was a 0.7% annual fee, as I had only a few thousand pounds in pension amount. Note that fees are 0.70% for the first £100,000 and 0.35% for the remaining balance above £100,000.
How does Pension Bee work?
Pension Bee starts by transferring your old pensions and investing them into a brand new online plan.
Step 1: sign up in minutes, just apply basic details, National Insurance number,
Step 2: Tell Pension Bee about your existing pensions
Step 3: 12-week switching process – their Beekeepers will provide regular update every step of the way
What’s good about Pension Bee?
*Better control over your overall pension pot – All your pensions from previous jobs are in one place, which is easier.
*Live pricing information
*Simple but clear range of investment plans
*A strong summary of your pension pots, but with the option to get further details too
*The customer service is good with a live chat feature and a reactive customer service team
*There are useful videos to watch and the website is made easy to follow.
*£50 referral bonus for joining up
What is not so good about PensionBee?
*Their annual costs are not the lowest in market (between 0.50% and 0.95%). For people with more than 20K in savings, there are cheaper funds out there.
*There is a bit of administration needed to get set up with Pension Bee, e.g. phoning up your old pension provider and verifying change of address details etc.
Overall rating of PensionBee
Overall, PensionBee is an innovative pension provider, which offers a top service where you combine your old pension into pot, making it easier to know your current and projected pension pot. Despite, it not being the cheapest service out there and a bit of admin time needed to ensure the transition. Plus a £50 referral bonus, GreatDealsMadeEasy gives it 7.5/10
Refer a friend £50 referral for joining PensionBee
Enjoy a £50 referral code for joining up to PensionBee.
Other referral codes
*Enjoy a free coffee, free beer and almost a free pizza on me with some free codes to enter.
*Feast on £20 off your first Hellofresh order, tasty ingredients delivered to your door for fine meals.
*Earn an impressive £50 joining bonus with ethical energy company Octopus Energy.
*Rent out your spare space with Stashbee and get £50.
*Grab a free share (up to the value of £200) when joining up to FreeTrade.
*Remortgaging or looking at a first-time mortgage? Enjoy a £100 amazon voucher when using the Trussle mortgage site.
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For money-saving apps, reviews read about Airtime Rewards (which rewards you for buying items passively). You can read the article on Shopmium (A supermarket cashback App). Read engaging reviews on the latest money-saving products and services. Check out 20 saving tips from UK leading bloggers and cheap things to do whilst working from home.