PensionBee Plans Report

Our plans address the specific needs of our customer base, which is the mass market. With this in mind we take into account factors such as years to retirement, objectives, risk appetite, and values as part of our plan selection process. We continually seek to deepen our understanding of customer needs and changing investment views through regular surveys, feedback channels and customer interviews.

We offer six plans, which customers are able to switch between at any time, as their needs or retirement plans change.

We assess the value that each plan delivers annually as part of our internal Consumer Duty work and external Governance Advisory Arrangement and AgeWage assessments.

Our default plans

For customers who sign up to PensionBee and do not make an active plan selection at sign up, we have two default plans, for those aged under or over 50. We introduced two defaults in 2025, to support the different objectives and risk profiles of our customer base.

Under 50s default

The Global Leaders Plan, was introduced in 2025, to respond to our younger savers' desire for greater opportunities for growth in the years and decades before their retirement. The Global Leaders Plan offers greater exposure to the world’s largest and most recognised companies via a customised MSCI index.

Over 50s default

The 4Plus Plan has been part of the PensionBee range since 2018. This actively managed plan seeks to reduce volatility compared to global equities in times of market stress, targeting a 4% above The Bank of England base rate return over a recommended five-year period, to support a sustainable rate of withdrawals. The 4Plus Plan responds to our older customers’ desire to balance growth with stability as they approach and enter retirement.

Investment pathways

For our customers who have reached, or are approaching retirement, we offer a range of FCA Investment Pathways, comprising four ready-made investment options to align with the four most common retirement journeys, as defined by the FCA using a five year time horizon.

• Pathway 1 - Tracker Plan - for customers who wish to stay invested for the next five years.
• Pathway 2 - 4Plus Plan - for customers who wish to set up a guaranteed income (annuity) within the next five years.
• Pathway 3 - 4Plus Plan - for customers who wish to start taking their money as a long term income within the next five years.
• Pathway 4 - Preserve Plan - for customers who wish to withdraw all their money within the next five years.

Specialist plans

Finally, we have two specialist plans, for those wishing to invest sustainably, the Climate Plan, or in line with their faith, the Shariah Plan.

Summary of plan objectives

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Breakdown of screening and voting by plan

Performance data to 31/12/2025

Global Leaders Plan

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The PensionBee Global Leaders Plan (ISIN: GB00BRTCSJ05, managed by BlackRock) is PensionBee's default plan for customers aged under 50. Launched on 15 February 2025, the Global Leaders Plan is a passive 100% equity plan tracking the MSCI ACWI Large Cap Ex Select Business Involvement Screens BST Index. It aims to grow pension savings by investing in approximately 1,000 of the world's largest and most recognised public companies via a customised MSCI index, offering greater opportunities for growth in the accumulation years before retirement. The Global Leaders Plan is suited to long-term savers with a higher risk appetite who are looking to consolidate their pensions. Voting follows the ISS SRI International Policy. The Global Leaders Plan excludes companies flagged by MSCI Red Flag Controversies, violators of the United Nations Global Compact, companies associated with controversial or nuclear weapons, and companies deriving revenue from tobacco, gambling, civilian firearms, thermal coal, or oil sands. Further information is available on Morningstar.

4Plus Plan

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The PensionBee 4Plus Plan (ISIN: GB00BG217453, managed by State Street) is PensionBee's default plan for customers aged over 50, and also serves as the recommended plan for FCA Investment Pathways 2 and 3, for customers who plan to purchase an annuity or start taking a long-term income within the next five years. The 4Plus Plan was incepted on 29 July 2013 and has been part of the PensionBee range since 2018. It is an actively managed, multi-asset plan that aims to grow investments by 4% per year above the Bank of England base rate (SONIA) over a recommended five-year period. The fund is tactically managed with exposure to a broad, geographically diverse range of asset classes, adjusted on a weekly basis depending on market conditions. The 4Plus Plan is suited to savers aged 50 and over who want active volatility management and downside protection, particularly those approaching retirement or already making withdrawals. The 4Plus Plan benchmarks against the SONIA Compounded Index. Voting follows the ISS SRI International Policy, with additional engagement through the State Street Sustainability Stewardship Service. The 4Plus Plan excludes companies flagged by Sustainalytics Extreme (Category 5) ESG Controversies, violators of the United Nations Global Compact, companies associated with controversial weapons, companies producing tobacco, and companies deriving revenue from thermal coal. Further information is available on Trustnet and Morningstar.

Tracker Plan

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The PensionBee Tracker Plan (ISIN: GB00BD35QM61, managed by State Street) is PensionBee's recommended plan for FCA Investment Pathway 1, for customers who have no plans to access their pension in the next five years. The Tracker Plan was incepted on 1 October 1995 and has been part of the PensionBee plan range since 2016. It is a passive, multi-asset plan designed as a cost-effective, medium-risk, "set and forget" investment option that aims to achieve long-term growth by following global shares and bonds as world markets move. The Tracker Plan maintains a static allocation of 80% equities and 20% fixed income, diversified across geographies, comprising 65% International Developed (75% Hedged) ESG Screened Index Equity, 15% UK ESG Screened Index Equity, 10% Sterling Non-Gilts All Stocks ESG Screened Index, 5% UK Conventional Gilts All Stocks Index, and 5% UK Index Linked Gilts All Stocks Index. The Tracker Plan is best suited to cost-conscious long-term investors and drawdown customers who want to stay invested. Voting follows the ISS SRI International Policy, with additional engagement through the State Street Sustainability Stewardship Service. The Tracker Plan excludes violators of the United Nations Global Compact, companies involved in the manufacturing, sale or ownership of controversial weapons, companies producing tobacco, and companies deriving 10% or more of revenue from the extraction or power generation of thermal coal. Further information is available on Trustnet and Morningstar.

Preserve Plan

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The PensionBee Preserve Plan (ISIN: GB00BWDBJF10, managed by State Street) is PensionBee's recommended plan for FCA Investment Pathway 4, for customers who plan to withdraw all of their pension money within the next five years. The Preserve Plan was incepted on 1 October 1995. It is an actively managed money market plan that aims to preserve capital by making short-term investments in highly liquid cash and cash-equivalent assets, delivering returns in line with Sterling money market rates. The Preserve Plan benchmarks against the SONIA Compounded Index. The Preserve Plan is best suited to customers at or near retirement for whom capital preservation is the priority, including drawdown customers seeking cash-like returns. The Preserve Plan has a lower risk profile than PensionBee's equity-based plans, investing solely in short-term, investment-grade money market instruments. Stewardship is managed through engagement via the State Street Sustainability Stewardship Service; as a money market fund holding no equities, there is no shareholder voting policy. The Preserve Plan excludes companies flagged by Sustainalytics Extreme (Category 5) ESG Controversies, violators of the United Nations Global Compact, companies associated with controversial weapons and civilian firearms, companies producing tobacco, and companies deriving revenue from thermal coal, oil and tar sands, or arctic drilling. Further information is available on Trustnet and Morningstar.

Climate Plan

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¹ Please note: the Climate Plan was reprofiled from another State Street fund, with an inception date of 15 January 2016. This date is reflected on some fund literature but relates to another fund.

The PensionBee Climate Plan (ISIN: GB00BGGK1F77, managed by State Street) is a passive 100% equity plan tracking the MSCI ACWI Climate Paris Aligned Ex Fossil Fuel & BISR Custom Index. The Climate Plan was launched by PensionBee on 4 December 2024, having been reprofiled from an earlier State Street fund with an inception date of 15 January 2016; some external fund literature may reflect that earlier date, which relates to the predecessor fund rather than the PensionBee Climate Plan itself. The Climate Plan aims to align with the Paris Agreement's goal of limiting global warming to below 1.5 degrees Celsius, committing to an annual reduction in greenhouse gas emissions from investee companies that exceeds the EU Paris-Aligned Benchmark Standard. The Climate Plan is best suited to ESG-conscious investors who wish to exclude fossil fuel companies and align their pension with a Paris-aligned mandate. Voting follows the ISS SRI International Policy, with additional engagement through the State Street Sustainability Stewardship Service. The Climate Plan excludes companies involved in fossil fuel extraction, production, or power generation, violators of the United Nations Global Compact, companies associated with controversial, nuclear, or conventional weapons and civilian firearms, and companies deriving revenue from tobacco, gambling, alcohol, palm oil, adult entertainment, for-profit prisons, and recreational cannabis. Further information is available on Trustnet and Morningstar.

Shariah Plan

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The PensionBee Shariah Plan (ISIN: GB00BF2SYC67, managed by HSBC and life-wrapped by State Street) is a passive 100% equity plan that aims for long-term growth by investing in publicly traded Shariah-compliant companies. The Shariah Plan was incepted on 15 January 2016. It tracks the HSBC Islamic Equity Fund, which benchmarks against the S&P Global 1200 Shariah Select Index, with Shariah-compliant companies selected by a committee of Islamic scholars operating under a Shariah Supervisory Committee. The Shariah Plan is best suited to customers for whom Shariah-compliant investment is a requirement and Islamic finance principles are non-negotiable, as well as those seeking a values-based approach to responsible investment. The Shariah Plan fee reflects its specialist management structure. Voting and stewardship are aligned with the HSBC Islamic Global Equity Index Fund approach. The Shariah Plan excludes companies involved in the manufacture and supply of weapons deployed for non-defence purposes, companies deriving revenue from alcohol, tobacco, recreational cannabis, pork-related products, gambling, and adult entertainment, and companies operating conventional financial services including banking, insurance, investment services, mortgage finance, and insurance broking. For full screening details, see the S&P Global Shariah Supervisory Board's index methodology (p.31). Further information is available on Trustnet and Morningstar.