Pension Bee

Katykat

Has anyone got any thoughts about PensionBee? Need to amalgamate several pensions. 

dunstonh

 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.

Katykat

Thanks Dunstonh. Have you any idea what they invest in?

The_Green_Hornet

Details of of PensionBee plans can be found here.

garmeg

The_Green_Hornet said:

Details of of PensionBee plans can be found here.

Thought it amusing that a hornet posts about pension bee.

Katykat

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).“

NottinghamKnight

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

NottinghamKnight said:

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

dunstonh

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?

Katykat

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. 

Albermarle

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 .