PensionBee and similar services, retirement planning

Saver73

Albermarle said:

penners324 said:

I use PensionBee, easy to use. Felt I was losing track of my pensions when in 5 different places.

Like the app. Only 7 or 8 fund options but for me at present, that's enough 

That is good, but it is also just as easy to transfer pensions into many other pension providers.
Pension Bee are just good at marketing/advertising the option.

I use Pensionbee too and think easy to use and just have to keep track of two pension pots now, my current workplace one and the pensionbee one.  Customer service is good, always get a quick response and the website is easy to navigate.

phdstruggler

Hello, I am also considering to combine all my scattered pension pots into PensionBee, but I am a bit hesitant to give my biggest savings for my long term future to a relatively new provider, compared to say Scottish Widows or Nest. PB or other new fintech products haven’t been around long enough to have customers that were with them for their working life until pension payouts, to prove their reliability, I think. Is this a valid concern or am I being paranoid?

dunstonh

I think. Is this a valid concern or am I being paranoid?

You don't say how much the value is.   Robos are great for small amounts for people that are not that bothered about investing but want a good app.    However, Robo's are not the cheapest option or the most functional.  So, maybe look at the alternative non-robo options as well before deciding.  Unless your value is a small amount where in the scheme of things, it doesn't really matter.

I would take Pensionbee over Nest.

Saver73

phdstruggler said:

Hello, I am also considering to combine all my scattered pension pots into PensionBee, but I am a bit hesitant to give my biggest savings for my long term future to a relatively new provider, compared to say Scottish Widows or Nest. PB or other new fintech products haven’t been around long enough to have customers that were with them for their working life until pension payouts, to prove their reliability, I think. Is this a valid concern or am I being paranoid?

Pensionbee isn't that new, established in UK in 2014, I joined in 2019 when I combined a number of old pensions from previous jobs, I've added since when I've changed jobs.  My other pension pot is with Scottish Widows which is fine but I find PB website easier to navigate.  Also rated 4.7 on trustpilotwhich is saying something as most people post reviews when something is bad or has gone wrong!

phdstruggler

dunstonh said:

I think. Is this a valid concern or am I being paranoid?

You don't say how much the value is.   Robos are great for small amounts for people that are not that bothered about investing but want a good app.    However, Robo's are not the cheapest option or the most functional.  So, maybe look at the alternative non-robo options as well before deciding.  Unless your value is a small amount where in the scheme of things, it doesn't really matter.

I would take Pensionbee over Nest.

My small pots combined are just under 10k, about 8k now in Scottish Widows (grows nicely but the app and website is a nightmare to navigate, and I still can’t understand how much fees I’m paying and how to choose or change funds); the other 2k in Nest. I’ve got another two small pots in a teachers pension and local gvt pension, but I can’t combine them with anything. I like transparent and clear user experience, and prefer easy app based product, so indeed inclined to go with PB. Thanks

Albermarle

phdstruggler said:

dunstonh said:

I think. Is this a valid concern or am I being paranoid?

You don't say how much the value is.   Robos are great for small amounts for people that are not that bothered about investing but want a good app.    However, Robo's are not the cheapest option or the most functional.  So, maybe look at the alternative non-robo options as well before deciding.  Unless your value is a small amount where in the scheme of things, it doesn't really matter.

I would take Pensionbee over Nest.

My small pots combined are just under 10k, about 8k now in Scottish Widows (grows nicely but the app and website is a nightmare to navigate, and I still can’t understand how much fees I’m paying and how to choose or change funds); the other 2k in Nest. I’ve got another two small pots in a teachers pension and local gvt pension, but I can’t combine them with anything. I like transparent and clear user experience, and prefer easy app based product, so indeed inclined to go with PB. Thanks

SW has a poor reputation for the website and customer service.
Most modern providers are OK.
The well known SIPP providers ( like HL, Fidelity, Aj Bell etc ) can offer a similar user experience to PensionBee, but at lower cost. However there is a bit more emphasis on choosing your investments, although they have ready made funds as well.
Vanguard is somewhere inbetween, although the customer service response seems not to be the best,

dunstonh

Also rated 4.7 on trustpilotwhich is saying something as most people post reviews when something is bad or has gone wrong!

Trustpilot is unreliable.

Modern firms encourage people to put reviews in place at point of sale.   Historic firms get people with legacy plans for 20-30-40 years ago wondering why they cant do something that they thought they could from a rule change 5 minutes ago.