PensionBee sees 37 per cent jump in new customers during lockdown

PensionBee has published more figures on its performance during the Covid-19 pandemic, with the online pensions provider seeing a sharp uptick in new customers.

According to CEO Romi Savova, the service saw a 37 per cent increase in customers completing their first pension transfer between March and July versus the figures PensionBee saw in 2019.

“It is encouraging to see that consumers were using their time in lockdown as an opportunity to review their finances and look for ways to further their money,” said Savova.

During Q2 PensionBee’s website also saw traffic grow 35 per cent, with an average of c.2,600 visitors a day, and almost 40,000 new app installs.

Customer support also had a predictably busy season, with 49,000 customers contacting PensionBee via live chat or email during the quarter, up 218 per cent from the same period in 2019.

“It is during times like this that the benefits of being online are clear - those who manage their pensions with us can more easily check their balance and make contributions than with older, legacy providers,” added Savova.

Open Banking appears to be having a boost from lockdown too, with PensionBee reporting 400,000 visitors using its balance API through Open Banking partners like Starling Bank,Moneyhub and Yolt.

Overall, during the last 12 months PensionBee has seen its customers with a live balance more than double (107 per cent increase).

The figures align with what PensionBee and others reported during the middle stages of lockdown, that many consumers were taking the time to reassess and sort out their finances.

This was a change from the early stages of the pandemic, where PensionBee saw a flurry of withdrawal requestsespecially from younger investors.