We’ve carefully curated a range of diverse plans to meet a wide range of needs. So whether you’re looking for a higher-risk or lower-risk plan, a plan that can help build a better world such as the Climate Plan or a specialist Shariah Plan, the choice is yours.
We’re also committed to ensure that our plans meet the changing expectations of our customers and regularly seek their views. If you don’t want to choose one straight away, we’ll automatically invest you in one of our two default options depending on your age. Our Global Leaders Plan is our default for those under 50 with our 4Plus Plan the default option for those 50 or over.
Remember, PensionBee’s an execution-only service, which means we don’t provide financial advice. And can’t advise you on which plan to pick.
At PensionBee we only offer UK-based, FCA-regulated institutional life-wrapped funds (i.e. with the highest levels of governance). Most UK pensions have exposure to international markets, like the US, but that does not mean they are “overseas” investments as per the definitions used by the DWP in the flag rules.
You can find more information on our Plans page.
Our plans are also available to view on Morningstar.
Tailored Plan
This plan has eight vintages, based on the year you retire. Retirement age is 65.
BlackRock Life LifePath 2043-2045 Class O. ISIN: GB00BFBFXG51 / BFBFXG5. View on Morningstar.
BlackRock Life LifePath 2049-2051 Class O. ISIN: GB00BFBFXH68 / BFBFXH6. View on Morningstar.
BlackRock Life LifePath 2061-2063 Class O. ISIN: GB00BFBFXK97 / BFBFXK9. View on Morningstar.
Tracker Plan
MPF Balanced Index Sub-Fund. ISIN: GB00BD35QM61. View on Morningstar.
Global Leaders Plan
BlackRock Life Global Equity Large Cap Screened Index Fund. ISIN: GB00BRTCSJ05. View on Morningstar.
Pre-Annuity Plan
MPF Stlg Non-Gilts Bd Over 15 Yr Sub-Fund. ISIN: GB00BDCLK564. View on Morningstar.
4Plus Plan
MPF Dynamic Diversified Sub-Fund. ISIN: GB00BG217453. View on Morningstar.
Preserve Plan
MPF Stlg Liquidity Sub-Fund. ISIN: GB00BWDBJF10. View on Morningstar.
Shariah Plan
HSBC MPF Islamic Equity Index Sub-Fund. ISIN: GB00BF2SYC67. View on Morningstar. (This fund is life-wrapped by State Street MPF).
We don’t charge you any fees to transfer your pensions to PensionBee. There’s just one single annual fee, which is calculated based on the daily value of your PensionBee plan. For pensions under £100,000 you’ll pay one annual fee of 0.50 - 0.95%, depending on which plan you choose. If your pot size is larger than £100,000 we’ll halve the fee on the portion of your savings over this amount.
You can find more information on our Fees page.
PensionBee allows you to select your own investment plan from a range of investments managed for you by one of our money managers (BlackRock for example). We’ve partnered with some of the world’s biggest money managers to provide our investment choices, so no matter which of our pension plans you choose, you can rest assured that your money’s in experienced hands.
You can find more information on our Plans page.
When you have a live PensionBee balance, either from making a contribution or transferring your first pension over, we’ll automatically invest your funds depending on your age (unless you sign up from a plan specific page - for example, the Climate Plan):
Once your online account (known as your “BeeHive”) set up is complete, you’ll be able to immediately switch to a different plan by going to ‘View or change your plan’. If your pension transfer has already been completed, you’ll be able to switch plans at any time by going to ‘Account’ and choosing ‘Switch plans’.
No, we don’t charge any fees to change your plan but there may be small transaction costs associated with switching, to protect other investors in the fund. These are charged by money managers and PensionBee does not make any money from them.
This process can take up to 12 working days. A plan switch involves the disinvestment and reinvestment of cash, with funds being out of markets for a short period of time. Plan switches are a business-as-usual activity for our money managers.
Whilst your switch takes place your investment is sold to cash and your balance is frozen. However, the market can still move up or down during this time, meaning when funds are reinvested they could be worth more or less than when they were sold. This will be reflected in your new balance once the switch has completed. It’s not possible to time switches or predict market movement.
It’s standard industry practice that plan switches have small transaction costs associated with them, both at PensionBee and all other pension providers. PensionBee does not any make money from these switching costs.
These costs, also known as an “anti-dilution levy”, are designed to protect existing investors from switching activity into or out of their fund. The subscription (when you buy units) and redemption (when you sell units) fund spreads are based on market conditions on the day of the switch.
These costs are an unavoidable feature of the market when moving money between different funds and there to ensure existing investors are not negatively impacted by the switching activity of others.