PensionBee hits £3bn in assets under administration

Shares in listed pension provider PensionBee initially rose as much as 4.3 per cent in early trading this morning, after the fintech reported it had reached £3bn in assets under administration (AUA).

The impressive milestone was reached in November, up over 7 per cent on the AUA of £2.78bn that PensionBee reported only last month as part of its Q3 results ending September 2022.

While PensionBee’s shares rose initially, they settled down 2.2 per cent at the time of publication.

"The ongoing growth in our Assets under Administration results from our commitment to delivering outstanding customer service and helping more people prepare for a happy retirement,” said Romi Savova,PensionBee’s CEO.

“We are growing the business in line with our ambitions while helping to meet the country's ever greater need for long term retirement planning and preparedness."

The company also pointed to the strength of its customer retention and net inflows that it was able to reach this milestone despite macroeconomic volatility.

2022 has been a mixed bag for PensionBee, on the one hand, it moved to the Premium Segment of the London Stock Exchange, appointed Klarna’s former legal counsel Lara Oyesanya to its board and further reduced its gender pay gap.

On the other hand, the growth of its AUA has clearly slowed from the extreme increases seen in 2021, when its AUA rose from £1.4bn to £2.6bn.