We’re delighted to share some of the new initiatives we’ve been working on recently. From continuing to set the standard on how pension providers communicate with their customers, to launching our very own computer game to tackle pension scams, read on to find out why April was a month of pension innovation.
We’ve added pounds and pence charging to our Simpler Annual Statements
Last year we were proud to be the first pension provider to adopt the new Simpler Annual Statement template for most customers, which provides a short and clear overview of your pension. At the time, Pensions Minister Guy Opperman remarked: “I am 110 per cent committed to simpler statements and am pleased to see PensionBee adopting the simpler annual statement. I look forward to the rest of industry doing the same thing in 2019”.
In an effort to simplify your annual statements further, for 2020 we’ve displayed all charges in pounds and pence, and are again the first provider to do so.
It’s our goal to make pensions as simple as possible, and providing complete transparency on how your plan is performing, and how much you’re paying in fees, are central to this.
We encourage you to read your Simpler Annual Statement and use it to compare fees across all of your old pensions. A fee saving of just 1% per year could increase a pension’s value by close to _higher_rate over the long-term.
One of the easiest ways to control how much you spend in fees is to consolidate your old pensions into one pot. And, with two bank holidays coming up this May, there’s no better time to look for any old pension paperwork and track down lost pensions.
Introducing Scam Man & Robbin’, the pension scams game
We’ve brought together brilliant minds from the pensions technology sector to tackle the online problem of pension scams, which have increased since the onset of coronavirus. Alongside technology partner, JMAN Group, we’ve developed a five-minute online game that educates consumers about pension scams.
Last month, we were thrilled to announce the launch of Scam Man & Robbin’, casting the player in the role of ‘Scam Man’, a vigilante whose main objective is to protect people’s pensions from scams. Scam Man must correctly identify six of the most common pension scams by shining his torch on them to destroy them, as well as collecting six corresponding bonuses that can help protect savers’ pensions.
Visit scam-man.com to play and learn more about how to protect you and your loved ones from pension scams. As always, we’d love to hear your feedback, so don’t forget to tweet us your thoughts along with your high score!
We’ve partnered with Lumio
In April, we announced a partnership with Lumio, a money management app that helps you maximise your savings. PensionBee customers can now see their pension balance from within the Lumio app.
This partnership is another great example of how Open Banking can help you take control of your finances, by displaying your tomorrow money alongside your today money. Don’t forget, you can also integrate PensionBee into your Starling, Yolt, Moneyhub, Money Dashboard and Emma apps.
Keep an eye out for our next update on our blog. We’re always working on new features to make our customers happy, so if you have any ideas or suggestions, please let us know in the comments section or over on social media, and we’ll feed it back to the team.
Period | Market Event | FTSE World TR GBP (%) | 4Plus Plan (%) |
|---|---|---|---|
4Plus Plan’s inception – 6 Sept 2013 | QE Tapering, China Interbank Crisis and its aftermath | -5.44 | -2.41 |
3 Oct 2014 – 15 May 2015 | Oil price drop, Eurozone deflation fears & Greek election outcome | -5.87 | -1.77 |
7 Jan 2016 – 14 Mar 2016 | China’s currency policy turmoil, collapse in oil prices and weak US activity | -7.26 | -1.54 |
15 June 2016 – 30 June 2016 | BREXIT referendum | -2.05 | -1.07 |
