Does your pension feel like a mess, or do you have old workplace pensions scattered across different providers? PensionBee is an online pension provider that combines your old pensions into one plan, which you manage in its app.
PensionBee also runs a refer-a-friend scheme. In October 2026, PensionBee says it pays £100 for each friend who opens an account, once the balance reaches £100 or more. Below we explain how it works. For a full look at the service, read our PensionBee review.
When investing, your capital is at risk. The value of your pension can go down as well as up.
How the PensionBee refer-a-friend scheme works
- Sign up to PensionBee through a friend’s referral link.
- Enter your details, including your date of birth and National Insurance number.
- Choose a plan.
- Transfer an existing pension or make a contribution, so your balance reaches at least £100.
- Once the balance condition is met, the reward is paid into the pension.
Once your account is open, you’ll get your own referral link in the app. PensionBee says you can refer up to 50 friends. Check the full terms on PensionBee’s refer-a-friend page before you sign up, as offers change.
Before you transfer: what to check
A referral reward is small compared with the size of most pensions, so make sure PensionBee is the right home for your money first:
- Fees: PensionBee charges one annual fee of 0.50% to 0.95%, depending on the plan, halved on the part of your pot above £100,000. On a £30,000 pot in the Global Leaders plan, 0.70% costs £210 a year.
- Workplace pensions: don’t transfer out of a pension your employer still pays into. You could lose employer contributions.
- Valuable benefits: some old pensions have guaranteed annuity rates or protected tax-free cash. PensionBee asks for independent financial advice before transferring safeguarded benefits worth more than £30,000.
- Exit fees: your old provider may charge to transfer out. PensionBee asks you to confirm if they exceed £10.
- Early full withdrawal: PensionBee charges £150 if you withdraw everything within 12 months of your balance arriving.
Can existing PensionBee customers claim the reward?
No. The reward is for new customers who sign up through a referral link. If you’re already a customer, you can earn rewards by sharing your own link with friends.
Final thoughts
PensionBee’s refer-a-friend scheme pays £100 per friend who opens an account and reaches a £100 balance. It’s a nice extra, but the annual fee matters far more over the decades a pension is invested. Compare fees and check what you’d give up before you transfer.
This is not financial advice. If you’re unsure whether to transfer a pension, consider free guidance from MoneyHelper or speak to a regulated financial adviser.
Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.
