Yes, we do! Our mobile app’s available for existing customers in the App Store and Google Play stores, and you can use it to access your real-time pension balance with PensionBee - without needing to log into your online account (known as your “BeeHive”) through a web browser.

At PensionBee your pension balance will reflect changes to the market two to three working days after they’ve occurred, rather than in real time, like in an Exchange Traded Fund (ETF).

This is because PensionBee uses insured index funds with the highest level of Financial Services Compensation Scheme (FSCS) protection should a money manager fail. We do this as many of our customers are moving away from workplace pensions (often structured as contracts of long-term insurance) to join PensionBee and we consider it important to offer the same type of insured funds that benefit from the 100% protection level.

These types of funds - for practical reasons - have their unit prices calculated retrospectively once a day and we use the latest available price from the money manager. They’re distinctly different to other types of retail funds found with fund supermarkets, for example ETFs, which may update more regularly, often in real time, but don’t offer the same level of FSCS protection.

Pensions aren’t considered to be part of your estate, which means that pension death benefits are typically free of Inheritance Tax (IHT). Some conditions will apply depending on how old you are when you die and the type of pension you have in place. You can set up your PensionBee beneficiaries in your online account (known as your “BeeHive”).

Watch this video to discover how to add a beneficiary with PensionBee.

For defined contribution pensions:

• if you die before age 75, your beneficiaries have two years to claim your entire pot tax free;
• if you die before age 75, it’s possible for your beneficiaries to access your pot as a tax-free lump sum or sometimes to receive regular drawdown payments tax-free; or
• if you’re older than 75 when you die, your beneficiaries will have to pay income tax at their usual rate to receive your defined contribution pension. This is also the case if funds are paid out or designated to drawdown after two years have passed.

PensionBee is a defined contribution pension scheme. We only offer accepted beneficiaries the option of taking the inherited pot as a lump sum payment.

For defined benefit pensions:

• if you die before age 75, and haven’t touched your pension, your beneficiaries will usually receive a tax-free lump sum. Your pension may pay out a lump sum worth two to four times your salary. Check with your scheme administrator for more details.
• if you’re older than 75 when you die, it’s likely that your spouse, civil partner or dependant will receive a portion of your pension, however this may be subject to tax charges.

You can change your nominated beneficiaries at any time, which is particularly important if your circumstances change. While PensionBee isn’t bound by your request, it’s important to make a nomination and keep it up to date so that your wishes are known. You can read more about what happens in the Key Features Document.

We understand that dealing with the death of a loved one is a difficult time, so we try to make notification as easy as possible. To notify PensionBee that one of our customers has passed away, please call at 020 3457 8444 or email us at contact@pensionbee.com.

You’ll need to have the personal details of our customer to hand so that we can locate their account. These details may include their:

• full legal name;
• date of birth; and
• registered address.

We’ll send a form by email which needs to be completed and returned by the individual handling our customer’s financial affairs. For example:

• the Executor;
• Administrator; or
• closest next of kin.

The form will ask you to upload certain key documents such as:

• Final Death Certificate; and (if applicable)
• the Will;
• Letter of Administration; and/or
• Marriage Certificate.

Once received, one of our Compliance Managers will review the information. We’ll then be in contact to confirm anything else we may need and explain the next steps.

If you need any information relating to handling the affairs of a loved one in general, there are a range of death and bereavement guides on the MoneyHelper website which can be accessed, free of charge.

You might be asked to complete a Facial Similarity Check (FSC) for a number of reasons. Most commonly, these requests are made during a change of personal details or your first withdrawal. To carry out a Facial Similarity Check, we’ve partnered with Onfido to provide you with a convenient and secure way to verify your identities.

Onfido uses its technology to verify your identity and will return the results to us. To complete a Facial Similarity Check, you’ll need:

• a smartphone or tablet with a camera to take a selfie; and
• a valid form of photo identification, such as a passport or driving licence.

If the Facial Similarity Check doesn’t pass, your BeeKeeper will review the results and invite you to try this verification method again as a first step. If you’re still unable to digitally prove your identity, your BeeKeeper may need to request certified documents.