Pension Bee

Has anyone got any thoughts about PensionBee? Need to amalgamate several pensions. 
:smileyhea A SMILE COSTS ABSOLUTELY NOTHING
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Comments

  • dunstonh
    dunstonh Posts: 119,327 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
     Robo-services, in general, are aimed at people that don't really know what they are doing but don't have enough money to use an adviser.  It is a basic guided process     You cannot do anything particularly wrong with them as the limit options to prevent that.   It won't be the best (overall) but it won't be the worst but it could be the best for you.   (what is best/worst depends on the individual and their needs and objectives).
    I wouldn't use them and no experienced investor would either. Their service is not aimed at us.  However, if you only have a few thousand pounds in the pension, don't know what you are doing but don't want to do anything wrong then they could be perfect for you.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Katykat
    Katykat Posts: 1,743 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thanks Dunstonh. Have you any idea what they invest in?
    :smileyhea A SMILE COSTS ABSOLUTELY NOTHING
  • Details of of PensionBee plans can be found here.
  • garmeg
    garmeg Posts: 771 Forumite
    500 Posts Name Dropper Photogenic
    edited 28 August 2020 at 10:35AM
    Details of of PensionBee plans can be found here.
    Thought it amusing that a hornet posts about pension bee. :)
  • Katykat
    Katykat Posts: 1,743 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Moving forward, he is now in the process of transferring to PensionBee. He has a letter regarding one of those pensions. Could anyone advise?
    “However, before we go ahead with the transfer, we first need you to confirm that you'd like to proceed.

    This is because your pension contains the following benefits:
    ✓ With Profits
    You would lose these benefit(s) by transferring to PensionBee, so it’s important you understand what it means for your pension.
    What is a with profits fund?
    When investing or saving into a pension you can choose to invest directly in stocks and shares or in funds that are specially designed to reduce your risk exposure. A with profits fund can help protect your money from stock market fluctuations and aims to deliver a minimum level of profits.
    What are your options?
    In order to progress your transfer you’ll need to accept that you’re willing to lose your benefit(s).“



    :smileyhea A SMILE COSTS ABSOLUTELY NOTHING
  • Do you know when this pension is from, older schemes may have valuable guarantees, if so may be worth leaving that one were it is.
  • Katykat
    Katykat Posts: 1,743 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Do you know when this pension is from, older schemes may have valuable guarantees, if so may be worth leaving that one were it is.
    I think it’s about 15 years old
    :smileyhea A SMILE COSTS ABSOLUTELY NOTHING
  • dunstonh
    dunstonh Posts: 119,327 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Why are you transferring it?  What is better about the new pension compared to the old one?      How do you know you are not moving from a better one?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Katykat
    Katykat Posts: 1,743 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    dunstonh said:
    Why are you transferring it?  What is better about the new pension compared to the old one?      How do you know you are not moving from a better one?
    He has 6 pensions that he wants to “ tidy up”. Apart from one which is a final salary pension. 
    :smileyhea A SMILE COSTS ABSOLUTELY NOTHING
  • Albermarle
    Albermarle Posts: 27,303 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    You should not discount the possibility of 'tidying up' by transferring some pensions into an existing one ( or two) .
    You can not assume that just because PensionBee has clever marketing etc that they will be the best way to go.
    There was an article about the Pension Bee founder in a newspaper at the weekend. She was saying she started the company because she had so much trouble transferring her own pensions and there were high charges . This is BS.
    Most pensions are easily transferred nowadays and rarely with a charge .
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