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Corporate Minority | Alive

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+10 points in the past 30 days

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About PensionBee

PensionBee combines all of a user's existing pensions into one new online plan to give the user control and clarity.

PensionBee Headquarter Location

Ground Floor 50 Southwark Street

London, England, SE1 1UN,

United Kingdom

020 3457 8444

Latest PensionBee News

Weekend Essay: Large pension providers need to get with the times

Nov 26, 2021

26th November 20212:00 pm I’m pretty obsessive when it comes to my finances. I bank with Starling, and I always make sure each of my spends is listed under the correct heading (“Lifestyle”, “Bills”, “Entertainment” etc). I go through my PDF statements every month to make sure I’m not paying for anything I don’t use, and to check for unauthorised payments. I only use my credit card for expenses so I guarantee that I can pay it off. LISTEN TO THE PODCAST HERE: I have some shares in Lloyds, which I check weekly via the Hargreaves Lansdown app to see how they’re doing (the plunge they took at the outset of the pandemic was terrifying, but they’ve recovered some ground since). And I have a loan with Tesco Bank which I check monthly to make sure the correct payment has been made. All-in-all, my finances are spick and span. That is, until it comes to my pension, which was, until recently, all over the place. At this point in my life, I haven’t stayed in a job for longer than five years. This means I have had a fair amount of variety in the sectors I’ve written about and the roles I’ve done. But it also means that, at the age of 30, I’ve already accumulated several small pension pots. This was fine when I had one, two and even three, but then I went freelance during the pandemic and started saving into a personal pension. I began to feel I had too many small pots. I was only freelance for a year, so that pot didn’t amount to much. And it made me think about how much I had in each of the pots I’d accumulated. I also recently started paying into a lifetime Isa (which I plan to use for my retirement if I don’t buy a house). I decided I needed to neaten up my pensions so I could see exactly what I have. I hate not knowing what is where. As a side point, for those of you in the ‘separate pension pots’ camp – I will no doubt accrue more pension pots in my lifetime, and some of these I will not consolidate. I understand the concept of (to steal a popular Love Island phrase) not putting all your eggs in one basket. But at this stage in my life, as each pot is so small, I thought I would give in to my obsessive tendencies and consolidate. I used PensionBee because I’m a sucker for good marketing. (I’m by no means suggesting that other pension consolidation services aren’t good – I chose PensionBee because I was drawn to its branding). The process of consolidating my pots was extremely slick via an app which was pretty much self-explanatory. You put in the details you have about your pension (policy number is best if you have it), and then PensionBee contacts your old providers to request the transfer. It took no time at all. I was contacted by Aegon, Aviva and Penfold (my old pension providers) by email to verify that this is what I wanted to do, and asking me sign electronic documents and that was it – all the money in one easily-accessible app. This is well worth it, I thought. That is, until it came to transferring my final pension pot. I won’t name the company I am trying to transfer the money from, as I haven’t gone to them for right of reply. But it is a major pension provider, and it has pretty much prevented me from transferring my pot. I have had about five letters telling me I need to verify my home address, which I have responded to. A few weeks ago, I received another letter telling me I needed to send the provider two forms of identity to make sure I am who I say I am (this is after having sent proof of address about three times). I did not want to send them my actual driver’s licence, so I had to take a scanned and printed copy to the Post Office and pay £13 to get a verification stamp. The other form of documentation, I was told, needed to be a utility bill – not downloaded from online. I don’t know about anyone else, but I haven’t received a paper statement through the post since about 2017. The provider in question also required me to fill out a form informing it of my work address (with no explanation as to why). I caved and sent off these documents more than a week ago. I haven’t heard anything since. Of course, I’m all for preventative measures to guard against pension scams. Apparently, between 2015 and 2021, £10bn was lost to pension scammers. That is 10% of the state’s annual pension bill. These stats are extremely worrying. I’m told that even (if and) when the company does finally accept the transfer, it does not do electronic transfers and will be sending a cheque to PensionBee. This does not seem to me to be the most secure way of sending money. We’re living in a digital age. Identity, as is proven by other companies and other industries, can be verified in a much quicker and easier way than sending paper documents via post. Some of these larger providers need to get with the times. I still want my money transferred into my PensionBee pot, please.

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Research containing PensionBee

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CB Insights Intelligence Analysts have mentioned PensionBee in 1 CB Insights research brief, most recently on Jul 22, 2020.

Expert Collections containing PensionBee

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

PensionBee is included in 4 Expert Collections, including HR Tech.

H

HR Tech

3,964 items

HR tech startups are helping companies manage critical pain points in HR processes such as recruitment, automation, career development, compensation, and benefits management, through a mix of software and services.

W

Wealth Tech

1,111 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.

F

Financial wellness

245 items

Track startups and capture company information and workflow.

F

Fintech

4,558 items

Track and capture company information and workflow.

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