Here is our UK review of PensionBee, updated for October 2026. It should help you decide whether PensionBee is the right home for your pension.
If you’re new to pensions, read our pensions explained for beginners guide first.
PensionBee is most useful for self-employed people, contractors and anyone with several old pensions to combine. If you’re employed, look at your workplace pension first. Under auto-enrolment, your employer must pay in too, and you lose that money if you stop contributing.
When investing, your capital is at risk. The value of your pension can go down as well as up.
PensionBee app review UK
PensionBee launched in 2015 as an online pension provider built around an app. It finds your old pensions, moves them into one plan and lets you manage it on your phone or computer.
The service keeps the language friendly. Your account is the “BeeHive” and each customer gets a personal account manager, called a BeeKeeper. PensionBee says it has more than 327,000 customers and a Trustpilot score of 4.6 from over 13,000 reviews.
Is it any good? For people who want a simple pension they don’t have to manage, yes. The trade-off is a small choice of plans and fees that can be higher than a workplace scheme or a low-cost SIPP.
PensionBee plan pricing
PensionBee charges one annual fee per plan. It covers the fund, the platform and the account. The fee is halved on the part of your pot above £100,000.
| Plan | Annual fee |
|---|---|
| Tracker | 0.50% |
| Preserve | 0.50% |
| Global Leaders | 0.70% |
| Climate | 0.75% |
| 4Plus | 0.85% |
| Shariah | 0.95% |
The image above shows an older version of PensionBee’s fees. Use the table for current figures and check PensionBee’s plans page before you transfer.
On a £27,500 pension, the Tracker plan costs about £137.50 a year and Global Leaders about £192.50. On £150,000 in Global Leaders, the first £100,000 is charged at 0.70% (£700) and the next £50,000 at 0.35% (£175).
PensionBee vs Hargreaves Lansdown: fees comparison
Hargreaves Lansdown (HL) is the UK’s largest investment platform, with around 2 million clients. Its SIPP lets you choose from thousands of funds, shares and investment trusts. PensionBee keeps things simple with a handful of plans.
HL’s fees changed on 1 March 2026:
- Account charge of 0.35% a year on funds
- £1.95 per fund trade
- £6.95 per share trade (£3.95 if you place 20 or more a month)
You also pay each fund’s own ongoing charge. Take the Vanguard Target Retirement 2050 fund at 0.24% as an example. HL’s account charge plus the fund comes to 0.59% a year, before dealing fees.
On £27,500, that’s about £162 a year at HL plus £1.95 for each fund trade. PensionBee’s Global Leaders plan costs about £192.50 and the Tracker plan about £137.50. The gap changes with pot size. Above £100,000, PensionBee’s halved fee works in its favour.
HL suits people who want to pick their own investments. PensionBee suits people who want one plan and no decisions.
How does PensionBee work?
- Sign up online or in the app with your National Insurance number.
- Give details of your old pensions. PensionBee can help find them if you only know the employer.
- Choose a plan. PensionBee chooses one for you if you don’t.
- PensionBee contacts your old providers and moves the money.
- Set up contributions and track your balance in the app.
PensionBee gives guidance on how much to save. It does not give personal financial advice.
Is PensionBee free?
Opening an account and transferring pensions in costs nothing. You then pay the annual plan fee, taken from your pot. There’s no exit fee if you move your pension away.
One exception: PensionBee charges £150 if you withdraw your whole pot within 12 months of opening the account. Also, your old provider may charge an exit fee. PensionBee says it will check with you before transferring if the exit fee is over £10.
Is the PensionBee app easy to use?
Yes. The app shows your balance, contributions and a forecast of your retirement income. You can pay in, change plans and ask your BeeKeeper questions from the same screen.
PensionBee app features
- Pension finder: helps track down old pensions from past jobs.
- Pension calculator: shows what your pot might be worth at retirement.
- Contributions: one-off or regular payments, with basic-rate tax relief added.
- Self-employed and employer contributions: the plan can take payments from your business or your employer.
- Withdrawals: from age 55 (57 from April 2028), including 25% tax-free cash.
Is PensionBee safe?
PensionBee Limited is authorised and regulated by the FCA. Your pension is invested with large money managers and held separately from PensionBee’s own money.
PensionBee says its plans are protected by the FSCS if a money manager fails. The level of cover depends on how each plan is held, so check PensionBee’s security page for the current details of your plan. The FSCS never covers falls in investment value.
You can check recent customer reviews on Trustpilot.
Before you transfer
- Workplace pensions: if you still work for the employer, keep paying in. Moving it could mean losing employer contributions.
- Safeguarded benefits: final salary pensions, or pensions with guaranteed annuity rates, often carry valuable benefits. By law you need regulated financial advice before moving safeguarded benefits worth over £30,000.
- Exit fees: ask your old provider before you transfer.
- Fees: compare PensionBee’s fee with what you pay now.
Free, impartial guidance is available from MoneyHelper.
What we like about PensionBee
- Easy to use website and app
- Combining old pensions is simple
- One clear fee per plan
- Fee halved on balances over £100,000
- No exit fee, apart from the £150 charge for a full withdrawal in the first 12 months
- 30-day cancellation: PensionBee returns your pensions to your old providers if you cancel within 30 days
What could be better
- Only a small number of plans and no choice of individual funds or shares
- Fees of 0.50% to 0.95% are higher than many workplace pensions
New customers can get a bonus through PensionBee’s refer-a-friend scheme. Read our PensionBee refer a friend guide for the current terms.
Disclaimer: Investments can go up and down and your capital is at risk. This is not financial advice. Do your own research or speak to a regulated 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.
