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PensionBee seeks customer support to launch one of the UK’s first mainstream fossil fuel free pensions

By PensionBee

London, 18 November 2020: PensionBee, the UK’s leading online pension provider, has asked its customers to pledge their support for its new Fossil Fuel Free pension, which will exclude companies with oil, gas or coal reserves, as well as tobacco companies and manufacturers of controversial weapons. 

PensionBee has partnered with Legal & General to create the brand new fund, after seeing growing demand from its customers. The plan will have an all-in fee of 0.75%, with a 50% reduction for the portion of pension savings over £100,000. 

In order to deliver the new plan at this price point, the pension provider is now seeking a collective £100 million commitment from its customers. Currently £31m has been pledged to the fund in just seven days, with expectations to reach the final total, and subsequently offer the fund to all new and existing customers, by the end of the year. 

Clare Reilly, formerly PensionBee’s Head of Corporate Development, has been instrumental in developing the new plan which will ensure more of savers’ money is invested in companies who are committed to the transition of a greener economy. PensionBee has promoted Clare to Chief Engagement Officer, a newly created role, which will see her continue to manage the launch of the Fossil Fuel Free pension and all future customer-driven initiatives.

Clare Reilly, Chief Engagement Officer, of PensionBee commented: “Each day people make values-based decisions about the food they eat and the companies they buy from – we want to give them the power to do the same with their pensions. In this past year the contradiction of investing your pension into companies that are destroying the planet has become clear to our customers. We are pleased to announce our campaign, and offer customers a way to build a pot to retire with, but also to create a world that is environmentally stable and safe to retire into. And as we’ve seen from the response already, sustainable investing is the future of pensions.” 

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Contact details 

PensionBee Rachael Oku / Laura Dunn-Sims press@pensionbee.com  dd: 020 3859 5788 

About PensionBee 

PensionBee is the UK’s leading online pension provider, enabling customers to interact with their savings through its unique combination of smart technology and dedicated customer service. 

Since it was founded in 2014 by Romi Savova, PensionBee has been a challenger in an industry ripe for disruption. It has grown rapidly by helping consumers to solve the

challenges they face when it comes to locating, combining and managing their pension savings. It now counts over 115,000 active customers from 18-80 years of age with over £1.2 billion in assets under administration, and has experienced over 85% growth in invested customers year on year. 

Its range of plans are tailored to customers’ needs and are 100% FSCS protected. Plans are managed by some of the world’s largest money managers including: BlackRock, HSBC, Legal & General and State Street Global Advisors. 

PensionBee uses its proprietary technology and Open APIs to allow customers to manage their pension, view their live balance, make contributions and withdrawals online and with the help of a smart calculator to plan their saving. It continuously engages with customers through its dedicated customer account managers and listens to feedback to develop new tools which help customers to easily plan for their retirement. 

By focusing on ease of use, full transparency on fees, and jargon-free communication, PensionBee has become one of the UK’s most trusted pension providers with a 95% customer retention rate and a 4.7/5.0 Excellent Trustpilot score.