Have you been stung by Pension Bee?

bostonerimus

Krakkkers said:

In fairness to the OP these are supposed to be professional and should be active in the market, if the market is declining should they not sell or short? The only time i have lost in the market is when i give my money to someone else to invest.

You have fundamentally misunderstood what Pension bee does. They are a platform that offer a number of funds. Those funds will be managed within strict rules so that their asset allocation does not vary from what is advertised. It is the responsibility of the investor to be "active in the market", or not, and to manage their portfolio. 

Krakkkers

Yes, i have no knowledge of pensionbee so don't understand their business.

grumiofoundation

Krakkkers said:

Yes, i have no knowledge of pensionbee so don't understand their business.

Why then are you posting on two threads about pensionbee misinformed posts about what professionals 'should' do?

Rtayl306

formatge said:

I thought it a good idea to consolidate Pensions into one Pot. I transferred the first Pension some 7 months ago around £70K to Pension Bee. I also sent an additional £100 per month to them.

I chose their "Tailored" plan that offers to invest in risky stocks and shares in the early years when younger, moving money into low risk investments as you approach retirement.

I am 63 planning to retire at 67.

During the last six months my pension pot has shrunk from oer £70,000 to £59,000.

That does not seem like " low risk investments as you approach retirement" to me.

On complaing to Pension Bee I received the normal twaddle that " everyone has suffered" " my money has been expertly managed by Black Rock" etc. etc.

Suffice to say no more money has gone their way.

They have also lost a fortune from my pension pot.  They seem however to be getting richer & richer whilst making there customers very poor.  They are a shameful company regardless of what the money people say on here, I entrusted my pension with these complete clowns and they have just lost it.  

Rtayl306

p00hsticks said:

Rtayl306 said:

Who on here is with pensionbee & seen there pots be decimated by these clowns, they have threatened me that I have been abusive towards them, well to see FOURTEEN GRAND wiped off my pension pot is nothing to laugh at, truth hurts doesn't it pensionbee.  Time something was done to stop this.

How much does £14k represent in terms of a percentage of your pot, how long have you been invested, what are you invested in and who picked those investments ?,

PensionBee who do you think.  I pay them a commission to look after my pension and all they have done is decimate it, how can I loose nearly a grand every Saturday and I'm being truthful when I state that. The CEO Romina, is loving this.

dunstonh

They have also lost a fortune from my pension pot.  

That seems hihgly unlikely as nothing that Pensionbee offer has lost any money outside of the ballpark expectation for investment returns in 2022.

They seem however to be getting richer & richer whilst making there customers very poor. 

Wrong.  Pensionbee is trading at a loss.   £16.9m loss in first 6 months of 2022.     
The vast majority of robo-providers are loss making.   That is to be expected from where robo-providers are starting from and the requirements and time it takes to become profitable.

They are a shameful company regardless of what the money people say on here, I entrusted my pension with these complete clowns and they have just lost it.  

They are not a shameful company.  They have done exactly as they said they would and are not in any way responsible for the negative returns seen in 2022.

 I pay them a commission to look after my pension and all they have done is decimate it, how can I loose nearly a grand every Saturday and I'm being truthful when I state that.

You seem to have a complete misunderstanding about investments and what a robo does.  They are not providing you advice. You select your investment risk profile.  You select your investment style and they use passive investments to match your choices.  The returns of the investments are not down to them and they do not manage the investments.  They are effectively an administrator for your choices from a limited selection of portfolios.

Did you see a bee logo on the side of Putin's tanks as they rolled into Ukraine?
Did you see a bee logo on the side of all the central banks publications as they failed to raise interest rates quickly enough?
Did you see Liz Truss thank the bees for coming up with her budget?
Did you see the bees encouraging China continue to enforce its disastrous covid policies throughout 2022?
or any other negative event that occured during 2022? (and there were many)

I suggest you try and learn about these things as it's a much better world when you understand something rather than remaining ignorant of them.

NlghtOwl

Thinking about risk and timescales in retirement, remember that you only need access to some of your money in the next 5 years and you may have cash aside for the first year or two giving plenty of time to get over current performance blips. The remainder should be set up for a 5-20 year time horizon with the relevant risk. Good luck

GazzaBloom

OP joined on July 4th 2022 and made the opening post same day and nothing since...no further visits.

Malthusian

GazzaBloom said:

OP joined on July 4th 2022 and made the opening post same day and nothing since...no further visits.

The thread was bumped by someone who joined to rant about their Pensionbee pension falling in September 2022 and then came back to do it again in this thread yesterday. Evidently they have no interest in understanding how their pension works even after four months to digest and reflect on the helpful information they received. That was the post dunstonh replied to.
The good news is that MSE threads are read by a large number of lurkers who come across them via Google, read them and then leave without leaving a trace. This means that although a helpful reply may be totally wasted on the original poster, that doesn't mean it is wasted full stop; it could help many other people without any of us knowing about it. 

Albermarle

Yes, I have googled a few things,( not just about financial issues)  and threads from MSE often come up in the search results.