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Original poster

Pension Bee? Need to sort my pensions out!

10 replies

Tearingmyhairoff · 26/01/2024 14:27

Had anyone any experience of using this?

I am 33 and have been paying into a pension on/off since I was 16. I think I have around 5/6 pensions (can’t remember where they all are either!)

My current work and previous employers never had great pensions schemes so I’m worried it’s not a lot but I’ve been paying in around 4/5% the last few years with my employers matching.

Also I know I should up my pension to around 17% but that just seems financially impossible! (Two kids in childcare and high mortgage costs).

How do I sort my life out with regards to my pension?! Any tips?

OP posts:
Arewethebadguys · 26/01/2024 14:51

Watching! Think you might be me OP! I read somewhere the govt are bringing in some new legislation in a couple of years which means all pensions can be viewed in one place. I think?! Maybe some knowledgeable folk on here can help . . .

ChessieFL · 27/01/2024 05:48

Pensions Dashboards are being implemented, where you will be able to see all your pensions in one place, but this won’t be until late next year. In the meantime, you need to find all the details of your various pensions. If you don’t know where they are, use the Government’s Pension Tracing Service. Once you’ve got statements for all your pensions you will then have a much better idea of how much you’ve got and how well each
pension is performing. Look at how the funds are invested and what the charges are. It might be worth you consolidating them (which might be possible with your current work one) but it’s impossible to know until you’ve got all the information you need to compare.

MojoMoon · 27/01/2024 11:45

Pension Bee takes your savings in previous pension schemes and combines them into a new pension savings account.

If you are saving into a scheme currently, another option would be just to combine the your old pension savings into that, rather than having a pensionbee pension account and a current employers one.

What pensionbee does is make it fairly easy and holds your hand a bit in the process. The actual pension in the end is much the same as any but the process for doing transfers is much more supported and thought out
If you are likely to move employers regularly, then you would need to keep remembering to transfer those schemes into your pensionbee account each time you change jobs.

The only real tip would be to increase your contributions as much as possible. Are you married? Does your husband also contribute to a pension?

stealthninjamum · 27/01/2024 12:12

I listen to the Pete Mathews meaningful money podcasts and he’s a great place to find out about pensions.

The pension checklist episode might be helpful https://meaningfulmoney.tv/2021/03/16/uk-pensions-checklist/

Before transferring the pensions you need to make sure they aren’t defined benefit (where you get a guaranteed sum) and some pensions have extra features - although I think those might be older ones from the 80s / 90s.

I’m in the process of consolidating all of my pensions at the moment. My biggest one has a uk fund which hasn’t performed well for years so I’m looking to move it. I looked into pension bee and they had great customer service reviews but were slightly more expensive management fees (I don’t think that’s the correct term). I think Vanguard have some of the cheapest fees - but I don’t use them so can’t recommend.

UK Pensions Checklist - Meaningful Money – Making sense of Money with Pete Matthew | Financial FAQ

…

https://meaningfulmoney.tv/2021/03/16/uk-pensions-checklist

Hitchens · 28/01/2024 09:34

Well the first step would be to identify what pensions you think you have. Most you should be able to view online, so get an account set up with each provider. Once you've done that, make note of the amount in each pension pot, what the pot is currently invested in and the charges you are paying in each one.

Bringing your pension pots together in one place isn't essential. It can be more convenient so you see things in one place, but the only reason I really did any form of pension consolidation is due to the relatively high costs I was being charged elsewhere.

You can consolidate in numerous different providers, personally I opened a SIPP with vanguard and transferred 3 of my 6 total pension pots into it. The other 3 I've kept where they are for different reasons and have no need to consolidate them any further.

Ongoing charges are important, Pension Bee have good marketing which makes them sound like they are offered you something unique in the market but they aren't really. They certainly aren't the most competitive option out there.

Lincslady53 · 28/01/2024 09:57

I have just moved my two smallest pension funds to Pensionbee and am waiting to see how it goes before I transfer my other pots, which are larger and performing better than my smaller pots. Early days, and only one has transferred, but so far am pleased. Very easy to use and understand, very quick to be able to contact them, several choices of investment type to choose depending on your circumstances. It looks to be straightforward when it comes to withdrawing money, I have a few years to go before I will be doing that. The only disadvantage so far is that the value is updated daily, at around 10.00pm, and the urge to just check how that day has gone just before bed, by checking the app is irresistible. Doesn't always help with a good nights sleep. Vanguard has lower fees, but I lost a bit on a Vanguard SnS isa, so am a bit wary of them at the moment. This may change if Ukraine and Middle East gets stabilised.

Morph22010 · 29/02/2024 08:10

I set up a pension new account last year but haven’t yet transferred my other pensions in. I set it up mainly as I needed to make an additional contribution end of last year to keep my child benefit and it was easiest way to do. The app is very easy to use

Touchwood2654 · 17/04/2025 11:24

Is it worth paying extra into my 2015 NHS Pension or looking at other ways of investing?
I'm over 50 so not sure if there are any ISA's I can access.

Also considering salary sacrifice into my NHS pension but no idea how it works.

Have paid into National Insurance/social security, my whole life and never really accessed its benefits, but worried that a lot of the pension pots I've saved will go on rent as a pensioner, compared to friends who didn't save getting full housing benefit paid for them.
I've never been in a position to buy anywhere on my own.

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