Another year’s flown by at PensionBee. Throughout 2024 we’ve continued building new tools, bringing you important retirement information and improving our existing features to support you in becoming more pension-confident.
We look back at some of the key innovations that, with your feedback, we were proud to bring you this past year.
We enabled you to build a fuller picture of your retirement income
What is it?
You can now add the values of up to five pensions you hold with other providers to the Retirement Planner in your account (your BeeHive).
How does it help you?
Seeing more of your pension savings in one place makes it easier to get a fuller picture of your retirement income. This feature can help you adjust things like how much you may need to contribute to reach your retirement goals. You could couple this with one of our other new additions this year, our ‘Approaching retirement’ hub (more on this below) which will support you in understanding how much income you may need in retirement.
Where can I find it?
It’s available in the app and on the website by logging in to your BeeHive, selecting ‘Analytics’, and then selecting ‘Retirement Planner’. Once there, scroll down and you’ll find the ‘Add an additional pension’ button.
We helped you understand how your plan is performing with our fund past performance chart
What is it?
Our fund performance chart shows how £10,000 would’ve grown if you’d invested that money into that plan’s fund five years ago.
How does it help you?
Seeing your pension fund’s past performance may give you a better idea of how it could perform in future. Although it’s worth remembering past performance isn’t an indicator of future performance and your pension can go down as well as up.
You can also compare performance with your plan’s objective. For example, our Preserve Plan focuses on preserving the retirement savings you’ve already built rather than growing them. So, whilst the chart may show more modest returns over the long term compared to some of our other plans, this would be more in line with this plan’s objective.
Overall, it’ll give you a better understanding of the impact of a fund’s performance on your pension balance and help you see if your plan’s the right one for you and your needs
Where can I find it?
It’s available in the app and on the website by logging in to your BeeHive, selecting ‘Account’ and then either clicking on ‘My Plan’ (on the website) or tapping on ‘Plan information’ (in the app).
We introduced a checklist to help you get the most from your account
What is it?
Our checklist is a simple way to help ensure you’ve completed those essential steps to make the most of your PensionBee account.
How can it help you?
It’s important to get and stay on track for your retirement. That includes things like transferring your old pensions to make managing them easier plus potentially saving on additional fees. It also includes making regular contributions to build your retirement income and seeing if the plan you’re invested in is still right for you or if you’d like to switch. These are exactly the things you can refer to using our checklist to help you get and stay on track.
Where can I find it?
It’s available in the app and on our website by logging into your BeeHive where you’ll see it under your ‘Transaction history’ on your ‘Balance’ tab. If you don’t see the checklist, it probably means you’re all up to speed and have completed each item.
We created our Approaching retirement hub to help you prepare for life in retirement
What is it?
We launched our new ‘Approaching retirement’ hub on our website to help you learn about the things you need to consider when you eventually stop working and how you can plan towards your retirement goals.
How can it help you?
When planning for later life, knowing where to start can be hard and overwhelming, so we’ve broken down all the key information. You can get to grips with everything from how much income you might need to getting your finances in order for the future.
Where can I find it?
Visit our Approaching retirement hub on our website.
We launched our Pensions Statistics Dashboard to keep you up to date with key pension information
What is it?
A single source for all the key pension figures and information you need to help you manage your pensions more effectively.
How can it help you?
Stay up to date with the latest stats that impact your retirement like the State Pension age, how much it’s currently worth as well as the latest pension tax rules and allowances. This way you can make any adjustments to things like your contributions to help you achieve your retirement goals.
Where can I find it?
Visit our dashboard on our website.
What else did we get up to?
Sometimes it’s the little things that make a big difference so here are a few of the smaller changes we made to make life that little bit easier.
We made it easier to see what’s happening with your pension’s transfer
If you’ve started transferring an old pension, you can see if the transfer’s been put on hold in your BeeHive and if you need to do anything. You’ll now see a little icon overlaid on the ‘Funds’ tab. It makes it easier to see at a glance if you need to take any action on your transfers.
We made it easier to find your old providers
We added a simple search box in our app so finding the names of your old pension providers is now faster and more convenient. It saves scrolling through a long list of names and should help you avoid simply choosing ‘Other’. Knowing your provider’s name makes it quicker for us to locate and transfer your old pensions.
We improved our website’s navigation to make our information and tools more accessible
We also restructured our website’s navigation so it’s easier to find the information you need. For example, we grouped and renamed our retirement-related information so you can now find all our retirement tools together under our ‘Retirement planning’ tab. This should make planning and adjusting for life when you stop working that little bit easier.
Our roadmap for 2025’s packed with more exciting changes. Keep an eye on our blog and your email to know when the latest PensionBee app and website features drop.
Questions or comments? We always welcome your feedback and suggestions on these or any other features you use. Email us at [email protected].
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
