The online pension manager is cutting its annual fee in half, to continue to offer savers a fair deal as their pension pot grows.
Customers with pensions under £100,000 will continue to pay a fee of 0.5% - 0.95%, while those with pensions larger than £100,000 will pay half the fee on the portion of their savings above this amount.
The move is designed to make fees fairer for the most diligent savers, with customers set to pay less the more they save. In contrast to competitors PensionBee only charges one annual fee, so a customer with a £250,000 pot could only pay 0.35% per year.
Speaking on the move, Romi Savova, CEO of PensionBee said: “We’ve seen a steep growth in customers with bigger pensions joining PensionBee, and we want them to feel comfortable that they’ll continue to receive a fair fee as their pension pot grows. By halving the fees on savings made over £100,000 we’re showing our commitment to an affordable pension for all.”
The new fee structure will offer an especially good deal for PensionBee customers nearing drawdown, who typically have a pension pot larger than £100,000. From last month the online pension manager started welcoming these customers, as well as more eco-friendly investors with a new climate-conscious plan.
