Pension Bee slashes fees

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.