Yes. You can choose to cancel any individual pensions that haven’t started transferring in the BeeHive. We’ll send your pension back to your provider for up to 30 days after the transfer, as long as they agree to accept it. If you’d like to close your account overall, please email your dedicated account manager (known as your “BeeKeeper”). You can also transfer your PensionBee pension to a new provider and we won’t charge you an exit fee.

There’s no exit fee if you leave PensionBee at any point. There’s also a 30 day cancellation policy, which means we’ll return your pensions to your old providers (assuming they’re also willing to take them back), free of charge if you cancel your PensionBee plan within 30 days of opening it. You can find more information on our Fees page.

If your provider is using Origo Options, they’ll need to request a transfer through the electronic system. Please ask them to search for PensionBee in order to avoid delays. If your provider isn’t using Origo Options, they’ll need to email their completed transfer-in forms to transfersout@pensionbee.com. If these forms aren’t complete, it’s likely we’ll require further information to initiate a transfer.

We’ll send you a confirmation email to let you know when we’ve received your new provider’s completed forms. PensionBee can only transfer out to UK based, HMRC registered pension schemes. If you’re planning on moving abroad, and taking your pension with you, please read our article, Overseas pension transfers, for more information.

The transfer out process begins when your new provider sends us all of the required information to complete your transfer out. We’ll send you a confirmation email too. From this point, PensionBee aims to transfer to most other Financial Conduct Authority (FCA) regulated personal pension companies on Origo Options within 14 days. The majority of the industry has subscribed to this electronic transfer service.

Due to the threat of pension scams, which include fraudulent companies and also pension liberators who promise to release monies in your pension before the age of 55 (rising to 57 from 2028) while avoiding heavy tax charges, other transfers may take longer and we’re required by the regulators to perform additional due diligence checks.

This process may be dependent on obtaining important information from third parties (such as HMRC). Whilst this could take up to six months (the legal deadline for pension transfers) we’ll endeavour to complete this as soon as possible. It’s important for us to complete our diligence, as otherwise, you and we may be subject to onerous tax charges from HMRC. We may decline a transfer out to meet our regulatory obligations.