With 15,000 customers and counting, this start-up wants to make the process of managing your pension simple, easy and fun
Founders: Romi Savova and Jonathan Lister
Founded: November 2014 (Launched January 2016)
Nobody likes to think about their pension. Luckily, Young Guns Romi Savova and Jonathan Lister are here to take care of your pension for you.
Their business, three-time Startups 100-listed PensionBee combines all of your old pensions into one plan, enabling you to manage your pensions just like you manage your bank account.
You then share an annual management fee between the company and the money manager (either BlackRock, State Street or Legal & General).
Savova – who featured in our inspiring women series – was inspired to start the business after making a mess of moving a pension from a previous employee, suffering the “painful process” of calling providers, filling out paperwork and understanding complicated products.
Despite being a finance professional, she found the process very complicated and discovered that many others felt the same: 60% of savers have admitted that they don’t know how much they have saved for retirement.
PensionBee makes that concern a thing of the past.
Through its platform you can check your live pension balance, make contributions online, and use a smart calculator to plan your saving.
Over 15,000 customers currently have active accounts at PensionBee, while another 70,000 have signed up (Savova and Lister plan to turn 40,000 of these sign-ups into customers by the end of the year).
Alongside customer acquisition, PensionBee has a number of exciting developments in the pipeline including the introduction of a mobile app, new pension plans and some more innovative partnerships.
By this time next year, the business expects to have combined £500m of pension money for 50,000 customers.
PensionBee thinks managing your pensions should be like the Apple or Amazon experience: simple, easy and fun. So whether you’re worrying about managing your pension or have lost track of multiple pension, PensionBee will make the whole process hassle-free.