Pension Bee slashes fees

By Daniel Lanyon on Tuesday 21 November 2017

Savings and Investment

The disruptive online pension manager is cutting its annual fee in half when investors reach the £100k threshold in a bid to attract larger investors.

The disruptive online pension manager is cutting its annual fee in half when investors reach the £100k threshold in a bid to attract larger investors.

Pension Bee has cut fees for those with pots of more than £100,000.

The firm is an online pension manager that brings investors’ legacy pensions into one plan.

Customers with pensions under £100,000 will continue to pay a fee of 0.5 per cent to 0.95 per cent, while those with pensions larger than £100,000 will pay half the fee on the portion of their savings above this amount.

PensionBee, which now takes customers in drawdown, charges one annual fee, with a customer with a £250,000 pot paying 0.35 per cent per year. It has about 10,000 customers.

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.

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