Transfer Your PensionBee Pension | Guide & Process 2026
Complete guide to transferring your PensionBee pension. Fees, timelines, process steps and what to check before you transfer. Updated for 2026.
10 min readUpdated April 2026
Get matched
Find your perfect pension adviser in 60 seconds
Answer a few simple questions and get matched with an FCA-regulated pension adviser who can help with your specific situation.
PensionBee Pension Transfer: Overview
PensionBee is a UK fintech pension provider that has disrupted the traditional pension market with its simple, app-based approach. Listed on the London Stock Exchange since 2021, PensionBee focuses on making pension management easy and accessible, particularly for people who want to consolidate multiple old workplace pensions into one place.
Fees and Charges
PensionBee pension charges: 0.50% to 0.95% depending on plan chosen. Always request a transfer value illustration before proceeding, as older policies may have different fee structures or exit charges that could affect your transfer value.
Fund Options
10 plan options including tracker, tailored, and 4Plus plans. When transferring, you will need to choose new funds with your receiving provider. Consider whether your current fund selection aligns with your retirement goals and risk tolerance before and after the transfer.
Transfer Process and Timeline
The typical transfer timeline for PensionBee is 2-8 weeks with most completing within 4 weeks. To initiate a transfer, contact your new pension provider with your PensionBee policy details. They will submit a formal transfer request. During the transfer, your investments may be temporarily held in cash, so timing can affect your returns.
Important: Before transferring any pension, check for valuable guarantees such as guaranteed annuity rates, guaranteed minimum pensions, or protected tax-free cash. These benefits cannot be replaced once surrendered. If your PensionBee pension has a transfer value above £30,000 and includes defined benefits, you are legally required to take independent financial advice.
Pros of PensionBee
Extremely simple and user-friendly app
Fast transfer process with dedicated transfer chasers
Transparent pricing with no hidden fees
Good for consolidating multiple pensions
Ethical and ESG investment options available
Cons of PensionBee
Higher fees than DIY SIPP platforms
Limited to PensionBee's own plan range
No access to individual shares or funds
Not suitable for advanced investors
Fees can eat into returns on larger pots
Who Is PensionBee Best For?
PensionBee is ideal for people who want to consolidate old workplace pensions into one simple, easy-to-manage pot. Best suited to those who prefer a hands-off approach and value simplicity over wide investment choice.
Transfer checklist: Before you transfer, gather your policy number, check for exit charges, confirm any guarantees, compare fees with your new provider, and ensure the receiving scheme can accept the transfer type. Allow 2-8 weeks with most completing within 4 weeks for the process to complete.
Frequently Asked Questions
PensionBee handles the entire transfer process through their app. You provide your old pension details (or just the employer name) and PensionBee's transfer team contacts your old providers. They have dedicated transfer chasers who follow up on slow providers.
PensionBee charges between 0.50% and 0.95% annually depending on the plan. The Tracker plan is cheapest at 0.50%, while the Tailored plan costs 0.70%. The 4Plus plan, which guarantees no negative returns over 4 years, charges 0.95%.
PensionBee can work for large pots, but the percentage-based fees mean costs increase with pot size. For pots above £100,000, a low-cost SIPP like Vanguard (capped at £375/year) would be significantly cheaper in absolute terms.
Yes, once you reach age 55 (rising to 57 in 2028) you can access your PensionBee pension. You can take up to 25% tax-free and draw the rest as needed. PensionBee offers flexible drawdown through their app.
PensionBee is FCA-regulated and listed on the London Stock Exchange. Your pension investments are held by their investment managers (including BlackRock, HSBC, and Legal & General) in trust, separately from PensionBee's company assets. FSCS protection also applies.
PensionBee is simpler but more limited than a SIPP. A SIPP offers thousands of fund choices and share dealing, while PensionBee offers about 10 pre-built plans. PensionBee is better for simplicity seekers; a SIPP is better for those wanting control and lower fees.
Ready to get expert pension advice?
Answer a few quick questions and get matched with an FCA-regulated pension adviser. Free, no obligation.
