PensionBee

PensionBee keeps its fee structure refreshingly simple — one all-inclusive annual fee that covers everything:

Annual management fees by plan (on balances under £100,000):

• Tracker Plan: 0.50% (medium-risk, passive index tracking)
• Preserve Plan: 0.50% (lower-risk, short-term investments in creditworthy companies)
• Global Leaders Plan: 0.70% (higher-risk, ~1,000 largest global companies)
• Climate Plan: 0.75% (higher-risk, ESG-focused with 10% annual carbon reduction target)
• 4Plus Plan: 0.85% (medium-risk, actively managed, targets 4% above base rate)
• Shariah Plan: 0.95% (higher-risk, Shariah-compliant investments)

Fee halving above £100,000: All plan fees are halved on savings above £100,000. For example, £250,000 in the Tracker Plan costs an effective 0.35%.

What's included in the fee:

• Platform charges — none extra
• Fund management fees — included
• Trading fees — included
• Switching fees — included

What's not included:

• Transaction costs: Average 0.04% per year (paid directly to fund managers; PensionBee does not profit from these)
• Early withdrawal fee: £150 if you withdraw everything within 12 months of opening, or if your balance is below £150 at withdrawal

No fees for:

• Transferring pensions in or out
• Switching between plans
• Making contributions
• Withdrawing from your pension (except the early withdrawal scenario above)

Compared to a DIY SIPP like Vanguard's (0.15% platform fee + low fund OCFs), PensionBee is more expensive. But compared to many legacy workplace pensions charging 1%+, consolidating into PensionBee could actually save you money.

PensionBee Ltd is authorised and regulated by the FCA (register entry 744931) and your pension is protected by the FSCS up to £85,000.

PensionBee offers six pension plans, each managed by institutional-grade fund managers (BlackRock, State Street, HSBC — with a combined £10+ trillion in assets under management):

For growth (higher risk):

• Global Leaders — Invests in roughly 1,000 of the world's largest companies. Default plan for under-50s. 0.70% fee.
• Climate Plan — Targets companies actively reducing carbon emissions by at least 10% per year. 0.75% fee.
• Shariah Plan — Invests only in Shariah-compliant companies, approved by an independent committee. 0.95% fee.

For balance (medium risk):

• 4Plus — Actively managed, targets returns of 4% above the Bank of England base rate. Default for over-50s. 0.85% fee.
• Tracker — Follows global stock and bond markets passively. The cheapest option. 0.50% fee.

For preservation (lower risk):

• Preserve — Invests in short-term, creditworthy company debt. Designed for those close to or in retirement who want to reduce volatility. 0.50% fee.

You can switch between plans for free at any time, regardless of age. The default allocation (Global Leaders for under-50s, 4Plus for over-50s) can be overridden.

What you can't do: Pick individual stocks, funds, or ETFs. PensionBee is fully managed — you choose the plan, they handle the rest. If you want control over individual holdings, you need a SIPP from AJ Bell, Hargreaves Lansdown, or Fidelity.

For more on building a pension or investment strategy, see our dedicated guides. And if you're weighing drawdown versus annuity at retirement, pension annuity sales recently hit a record £74 billion — worth reading before you decide.

If you're unsure how pension drawdown works, our pension drawdown guide walks through the options. Higher-rate taxpayers should also read our pension tax relief guide — claiming full relief is worth hundreds a year.

The good:

• Genuinely simple — sign up in minutes, add old pensions, pick a plan, done. No jargon, no complexity.
• One all-inclusive fee — no hidden platform, trading, or wrapper charges
• Fee halving above £100k — rewards larger pension pots
• Free transfers in and out — no exit fees (except the 12-month early withdrawal rule)
• Dedicated BeeKeeper — a named UK-based account manager assigned to you
• Strong responsible investing — Climate Plan and Shariah Plan are genuine, not greenwashing
• Excellent Trustpilot rating — 4.6 out of 5 from over 12,500 reviews
• FCA-regulated (FRN 744931), publicly listed on the London Stock Exchange
• Online drawdown — paper-free withdrawals, no forms needed
• No minimum contribution — flexible for self-employed and irregular earners
• Annuity option — available through Legal & General directly from the platform
• Pension calculators and planning tools — retirement planner, tax relief calculator, drawdown calculator

The not-so-good:

• No investment choice — you can't pick individual stocks, funds, or ETFs
• Pension-only platform — no ISA, GIA, or other account types
• Fees are higher than DIY SIPPs — Vanguard's SIPP charges 0.15% + low fund OCFs; PensionBee starts at 0.50%
• Shariah Plan is expensive — 0.95% is steep relative to alternatives
• Transfer time — typically 12 weeks to consolidate old pensions, which is lengthy
• Early withdrawal fee — £150 if you withdraw everything within 12 months
• No financial advice — execution-only; you'll need independent advice for complex pension decisions

PensionBee is ideal for:

• Pension consolidators — if you've got 3, 5, or 10 old workplace pensions from previous jobs and want them all in one place, PensionBee is purpose-built for this
• Hands-off savers — if you don't want to choose individual funds and just want professionals to manage your pot
• Self-employed workers — no minimum contribution, flexible payments, clear tax relief guidance
• ESG-conscious investors — the Climate and Shariah plans are genuine, well-structured responsible investment options
• People who hate paperwork — the app handles transfers, contributions, withdrawals, and beneficiary nominations all online

Avoid PensionBee if you:

• Want control over individual fund or stock selection — use a SIPP from AJ Bell or Interactive Investor instead
• Want the lowest possible fees — Vanguard's SIPP or InvestEngine's pension product are cheaper
• Need more than just a pension — PensionBee doesn't offer ISAs, GIAs, or any other account types
• Have a defined benefit (final salary) pension — PensionBee cannot accept DB transfers

Got old workplace pensions scattered around? Our pension tracing guide explains how to find and consolidate them. For what happens to your pension pot if the worst happens, see our pension death benefits guide.

You can access your PensionBee pension from age 55 (rising to 57 from April 2028) under the government's planned change to the normal minimum pension access age.

Your withdrawal options:

• Tax-free cash — up to 25% of your pot can be withdrawn tax-free
• Flexible drawdown — take lump sums or set up regular monthly withdrawals, all managed online without paper forms
• Annuity — PensionBee offers an annuity option through Legal & General, giving you a guaranteed income for life
• Full withdrawal — take the whole pot (subject to income tax on the non-tax-free portion)

One-off withdrawals typically take 7–10 working days. Monthly drawdown payments can be set up and adjusted online.

The Preserve Plan is designed for customers approaching or in retirement — it holds short-term investments in creditworthy companies to reduce volatility ahead of drawdown or annuity purchase.

For a deeper look at your options, read our pension drawdown guide. Given that annuity sales hit a record £74 billion as retirees lock in guaranteed income, it's worth understanding the full landscape before deciding.

Against the main alternatives:

vs Vanguard: Vanguard's SIPP charges 0.15% platform fee (capped at £375/year) plus low fund OCFs. Much cheaper than PensionBee for anyone comfortable choosing from Vanguard's fund range. PensionBee wins on simplicity and pension consolidation — Vanguard won't chase down your old workplace pensions for you.

vs Nutmeg: Nutmeg offers managed portfolios across ISAs, pensions, and GIAs at around 0.75% + fund costs. Similar price to PensionBee but with a wider product range. PensionBee's pension consolidation expertise and dedicated BeeKeeper give it the edge for pension-only customers.

vs Wealthify: Wealthify (owned by Aviva) offers managed ISAs and pensions from 0.60%. Cheaper than PensionBee's equivalent plans and offers ISAs too. PensionBee's pension specialisation and stronger brand recognition are its advantages.

vs DIY SIPPs (AJ Bell, Hargreaves Lansdown, Fidelity): DIY SIPPs give full fund and stock selection but require investment knowledge. PensionBee is for people who'd rather not think about it.

PensionBee occupies a clear niche: it's the best platform for consolidating scattered workplace pensions into one simple, managed pot. It's not the cheapest, and it's not the most flexible — but for its target audience, it does the job extremely well.

For independent guidance on choosing a pension provider, see MoneyHelper's platform comparison. You can also explore our pensions hub and investing hub for broader guidance.

Capital at risk. This article is for informational purposes only and does not constitute financial advice. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may be subject to change. Always do your own research or consult a qualified financial adviser before making investment decisions. PensionBee is authorised and regulated by the Financial Conduct Authority (FRN 744931). Your pension savings are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.