PensionBee Q&A

AnotherJoe

PensionBee wrote: »

We are currently offering 4 plans that have an all-in-fee (cost of the fund + platform fee). We don't offer a full SIPP functionality hence we're not separating platform costs and fund costs.

Jasper
On behalf of PensionBee

OK that makes sense but in that case no point comparing to say HL who have a full range of funds and ITs etc the latter where there won’t be a 0.45% fee since IT fees are charged differently.

PensionBee

Alexland wrote: »

I am still confused on how PensionBee can have FSCS protection above £50k when they are only offering OEIC funds
https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/aviva/
I can confirm it's 100% protection with no upper limit.
Alex

I can confirm it's 100% protection with no upper limit.

Many thanks for your feedback. This has been very helpful and together with our market research it will give me enough to work with our current money managers and our product team.
Thanks!

Jasper
On behalf of PensionBee.

cloud_dog

PensionBee wrote: »

I can confirm it's 100% protection with no upper limit.

Ummm, I think you are going to need to clarify this one.

The FSCS web site lists pension protection limits and the only caveats around 100% protection tend to involve insurance product(s).

For a platform, with money invested directly in investments the limit is £50k.

Please review the FSCS website and confirm how you are able to claim 100% protection?

PensionBee

cloud_dog wrote: »

Ummm, I think you are going to need to clarify this one.

The FSCS web site lists pension protection limits and the only caveats around 100% protection tend to involve insurance product(s).

For a platform, with money invested directly in investments the limit is £50k.

Please review the FSCS website and confirm how you are able to claim 100% protection?

Without going in too much detail, our plans are treated as long term insurance products, hence the protection without upper limit. I hope that answers your question. If not, I'm happy to clarify in a direct message.

Malthusian

PensionBee wrote: »

Without going in too much detail, our plans are treated as long term insurance products, hence the protection without upper limit. I hope that answers your question. If not, I'm happy to clarify in a direct message.

I would like you to go into more detail (too much if need be) and I don't see why it should be a secret.

You can DM me the answer if you want but not if you don't want me to repost it in this thread.

It can't be some sort of trade secret because a) which products the FSCS covers is defined by legislation and is therefore a matter of public record b) anyone you DMed could be a competitor undercover.

bigadaj

PensionBee wrote: »

Without going in too much detail, our plans are treated as long term insurance products, hence the protection without upper limit. I hope that answers your question. If not, I'm happy to clarify in a direct message.

That simply isn't good enough do we need someone from the investment side of things to post rather than social media rep?


Why all the cloak and dagger, have you found the secret alchemists recipe to make pure green?

PensionBee

Malthusian wrote: »

I would like you to go into more detail (too much if need be) and I don't see why it should be a secret.

You can DM me the answer if you want but not if you don't want me to repost it in this thread.

It can't be some sort of trade secret because a) which products the FSCS covers is defined by legislation and is therefore a matter of public record b) anyone you DMed could be a competitor undercover.

I just thought not everybody was interested in the detail, that's why. It's not a trade secret, a loophole or anything sinister at all!

The PensionBee plans are long-term insurance policies written by the insurance companies of the money managers, BlackRock Life Limited, Managed Pension Fund and Legal and General Assurance (Pensions Management) Limited.

Therefore they are 100% covered and you can also see this on the blog of the FSCS and on our website (https://www.pensionbee.com/is-pensionbee-safe)

The insurance policies are mentioned in our T&C's.

Jasper
On behalf of PensionBee

PensionBee

bigadaj wrote: »

That simply isn't good enough do we need someone from the investment side of things to post rather than social media rep?


Why all the cloak and dagger, have you found the secret alchemists recipe to make pure green?

Here is my LinkedIn profile: https://www.linkedin.com/in/jaspermartens/
And no, I haven't found the recipe yet.

cloud_dog

PensionBee wrote: »

The PensionBee plans are long-term insurance policies written by the insurance companies of the money managers, BlackRock Life Limited, Managed Pension Fund and Legal and General Assurance (Pensions Management) Limited.

On behalf of PensionBee

Ok, either this is way more complicated than my tiny brain can comprehend or we are talking cross purposes.

From my own perspective, I would not invest in something I cannot understand (obvious I know), and your product is now turning in to something I cannot understand. I thought you picked a plan and had the option to invest in to a or different funds. If we take the Tracker option it states...

A simple, cost-effective plan that invests your money in global shares, bonds and cash. Investments follow the world's indexes as they move. Managed by State Street Global Advisors.

Now, in my simple head I am investing in a tracker, because it says so; I am investing across a range asset types (equity, fixed income, cash properties, commodities, etc), because it says so; and I am investing globally with a relatively high percentage in the UK, because it says so.

At no point does it inform me that I am not buying in to a tracker but am actually buying some sort of insurance plan that tracks the returns (I assume). Clicking through the Blackrock link and clicking on a retirement option plan, it does provide details and the fund type is listed as 'LIFE' (whatever that means).

One other question...you do not appear to be FSCS protected although are registered with the FCA. Perhaps someone with wider FCA/FSCS understanding can confirm what is protected or not under this set up?

EDIT: On the FCA page for PensionBee it states:

Insurance Mediation A firm that offers or sells insurance products and services This firm is unable to undertake insurance mediation.

JoeCrystal

PensionBee wrote: »

I just thought not everybody was interested in the detail, that's why. It's not a trade secret, a loophole or anything sinister at all!

Well, you are posting on a pension forum with various posters who have an outstanding knowledge of pension. In other words, the more details, the better. As more details will enable a better understanding of the situation.