PensionBee review
Best for Simplicity
Simple online pension combining old pensions into one plan. Choose from ready-made investment plans. Low fees and excellent app.
Overview
PensionBee has built the UK's most popular online pension consolidation service. If you have old workplace pensions scattered across multiple providers, PensionBee will find them, transfer them, and combine them into a single, easy-to-manage plan.
Who Is PensionBee Best For?
- People with multiple old pensions — the consolidation process is seamless
- Hands-off investors — choose a plan, PensionBee manages the rest
- Tech-savvy professionals — excellent app for pension tracking
- Those confused by pensions — strips away the jargon
Plans and Fees
| Plan |
Fee |
Strategy |
| Tracker |
0.50% |
Passive index tracking (BlackRock) |
| Tailored |
0.73% |
Active + passive blend (State Street) |
| 4Plus |
0.95% |
Growth-focused (Legal & General) |
| Shariah |
0.50% |
Islamic finance compliant |
| Climate |
0.75% |
Climate-positive investments |
| Preserve |
0.50% |
Capital protection focus |
PensionBee's fees (0.50-0.95%) are higher than a DIY SIPP at Vanguard (0.15%) or AJ Bell (0.25%). You are paying for the convenience of consolidation, managed portfolios, and a simple interface. Over decades, this fee difference compounds significantly.
The Consolidation Process
This is PensionBee's killer feature:
- Tell them your old employer names
- PensionBee traces your old pensions (even if you have lost the paperwork)
- They handle all transfer paperwork
- Everything arrives in one place within 4-12 weeks
Many people have thousands of pounds in forgotten workplace pensions. PensionBee's tracing service finds them for free — even if you cannot remember the provider name. Just give them your old employer details.
What PensionBee Lacks
- Higher fees than DIY — 0.50% minimum vs 0.15% at Vanguard
- No self-directed investing — you choose a plan, they invest for you
- Limited number of plans — six pre-built options only
- No ISA or general investing — pensions only
PensionBee vs Vanguard SIPP
| Feature |
PensionBee |
Vanguard SIPP |
| Platform fee |
0.50%+ |
0.15% |
| Investment choice |
6 plans |
~80 funds |
| Pension tracing |
Yes (free) |
No |
| Consolidation service |
Excellent |
DIY transfers |
| App quality |
Excellent |
Basic |
| Best for |
Convenience |
Low cost |
The Bottom Line
PensionBee is excellent for pension consolidation and hands-off management. If you have old pensions to combine and want someone else to handle everything, PensionBee justifies its higher fees with convenience and simplicity. If you are comfortable managing your own investments, a DIY SIPP at Vanguard or AJ Bell will save you significantly more over the long term.
Pros
- Combine old pensions easily
- Simple ready-made plans
- Excellent mobile app
- Low management fees
- Transparent pricing
Cons
- Limited investment choice
- No individual stock picking
- Higher fees than DIY SIPP
- Basic for experienced investors