PensionBee Query

Rye93_2

Hi all,

I'll be honest and say that I have no idea about pensions. I'm 32 and I've had a few workplace pensions from previous jobs.

I recently signed up to PensionBee and one of my pensions was transfered across with a balance of just over £7000

I've kept an eye and seen this balance go up and down recently as I can see the money is invested in certain markets.

I wanted to have all my pensions in one safe place to keep an eye on them and stupidly, I didn't realise and read into the investment part.

I wanted to ask, is having my pensions with PensionBee safe in anyone's opinion (with me unstanding the risk it could involve) or could anyone recommend a company that keeps your pensions as they stand without investments that I can keep an eye on?

Again, sorry but I have little knowledge of how any of this works so please don't give me too much greif. Just want to be sensible and make sure I'm ok for later in life.

Thanks

molerat

At age 32 you have many years ahead of you to ride out market changes and benefit from the general upward trends, at your age you should be investing in volatile funds that go up and down massively, the ups generally outweigh the downs over the longer term. You could remove the funds from exposure to the markets and keep them in cash but that would unlikely beat inflation, the markets generally do. Whether Pension Bee is the place to be is a a whole different question.

Albermarle

It would be very bad if a pension company just kept all your money in cash and did not invest it.

In the long term ( in your case maybe 35 years) it is almost certain that mainstream investments in the stock market will massively outperform interest on cash savings. So in fact keeping all your pension money in cash would be a big risk.

Cash is great for the short term but not for the long term.

PensionBee are safe, if not the cheapest. The investments will bounce around but in the long term should grow nicely. The pensions you transferred into PensionBee would also have been invested.

dunstonh

I wanted to ask, is having my pensions with PensionBee safe in anyone's opinion (with me unstanding the risk it could involve) or could anyone recommend a company that keeps your pensions as they stand without investments that I can keep an eye on?

There are no known financial concerns with Pensionbee.

As a roboprovider, they won't be the best option, but they won't be the worst, and their limited range of options prevents you from making bad investment decisions. You are probably a near-perfect fit for their target market.

The only real risk is investing too cautiously. At age 32, you have over 30 years of investing, and you don't want to be in low-risk investments for that period.

Marcon

I'll be honest and say that I have no idea about pensions. I'm 32 and I've had a few workplace pensions from previous jobs.

You are far from alone - but you don't need to remain in the 'no idea' camp. Even quite a modest amount of basic reading would put you well ahead of the crowd and increase your confidence as well as your knowledge. Have a look at https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics for starters.

Emmia

To be honest you're better off not looking at it, put the money in and leave it to grow. Check it now and again.

LHW99

I'm 32 and I've had a few workplace pensions from previous jobs.

It's almost certain that the money in those workplace pensions was / is invested and not kept as cash.

It would probably be in what is called their "default fund" (may be different in each pension, but will have roughly the same aims). These are middle of the road investment funds, for those who have little knowledge / interest in their pensions.

You are taking an interest early, and that is great. Why not start by looking at what you have already, and understanding what you are invested in - all UK, a bit of US, global?

Come and ask questions here and read the answers to other people's questions and you will gradually get "quite a good idea" on pensions IMO