People’s Champion finalist 2016: PensionBee
On a mission to get people in their 30s and 40s switched on about retirement, does PensionBee have your vote for People’s Champion?
Start-up name: PensionBee
Founder: Romi Savova
Started in: 2015
Based in: London
Business description: Online platform which combines all of your pensions in one place
The PensionBee story:
When you think of the pensions industry, innovation isn’t necessarily the first thought that comes to mind but entrepreneur Romi Savova is determined to shake up this perception…
After trying to move her old pension to a new provider, Savova found the process of finding providers, filling out paperwork and choosing between complicated products a “painful one”. She decided that something needed to change and so set about launching PensionBee.
An online pension manager, PensionBee helps customers find and combine their old pensions into a good value plan with the aim to enable users to manage their pensions much like a bank account.
After inputting a few details on its website, PensionBee will automatically track down your old pensions and then put them into one of three plans managed by BlackRock or State Street. Via its 24/7 online dashboard ‘The BeeHive’, customers can then access a live pension balance, make online contributions, and access a smart calculator to help prepare for retirement.
Backed by £2.3m investment, the business is focused on demystifying pensions to make them appeal to a much younger audience – “typically people in their 30’s and early 40s who should be saving for later” and its innovative approach to a “dusty old” industry has caught on.
The company is welcoming over 100 customers per week, has grown to a team of 15 from its Borough High Street base, and has attracted over 15,000 followers on social media – more than the likes of Aegon or Scottish Widows.
Why PensionBee made our shortlist:
What with auto-enrolment and the country’s ageing population, the UK pension market is expected to reach £1 trillion by 2020. Fintech start-up PensionBee is capitalising on this market growth by easing saving, innovating and improving the pensions industry in the process.