FAQs

About the PensionBee service

How much does it cost to use PensionBee?

With PensionBee you’ll pay one simple annual management fee of 0.85% of your account balance, which includes the cost of any investment portfolio you choose.

Your fee is calculated on the last calendar day of each month and automatically deducted from your account. This fee includes the PensionBee service, product and support, as well as the cost of your investments.

If you close your PensionBee account a $50 administration fee, charged by the custodian of your account, will apply.

Read our Brochure for more information.

What does PensionBee do?

With PensionBee you can combine your old 401(k)s into a brand new Individual Retirement Account (IRA). Your money is invested in the Exchange Traded Funds (ETFs) of State Street Global Advisors, one of the largest investment managers in the world.

Once you’ve completed your rollover(s), you can log in to your account 24/7, from your computer or phone. Inside the account (“BeeHive”) you’ll be able to view your retirement account balance and analyze your investment performance.

How do you transfer my 401(k)?

When you sign up to PensionBee, we’ll ask you a limited amount of information about you and your 401(k) in order to contact your retirement account provider to begin the transfer process. We’ll take care of the rest by working with your old retirement account provider. We’ll let you know if you need to take any additional steps to complete your rollover.

Can I open a new retirement account without 401(k) rollovers?

You can’t open an Individual Retirement Account (IRA) with PensionBee without rolling over old 401(k)s. You can get started by rolling over one 401(k) and can add more at any time in the future.

Is PensionBee a 401(k) or an IRA?

PensionBee offers an Individual Retirement Account (IRA). Generally, when people refer to “IRAs” they’re often talking about personal retirement products that allow you to choose your own specific investments, including individual stocks and shares. PensionBee enables you to invest in a range of portfolios consisting of Exchange Traded Funds (ETFs) from State Street Global Advisors, one of the largest investment managers in the world.

Do I have to rollover all of my old 401(k)s into a PensionBee retirement account?

No, you only need to transfer one of your old 401(k)s to PensionBee to open an account. You can add as many 401(k)s as you like, at any time in the future.

Can I take money out of my PensionBee retirement account penalty-free?

Yes you can usually start withdrawing from your account from age 59 ½ onwards, without incurring penalty charges. There are other times you may access your funds penalty free before age 59½, such as for certain educational and healthcare costs, or if you become permanently disabled.

Which types of accounts can I transfer and rollover to PensionBee?

You can rollover 403(b)s, 401(k)s and other qualified plans as well as Traditional IRAs, Simple IRAs and SEP IRAs.

Do you offer a Traditional IRA or a Roth IRA?

PensionBee offers a Traditional Individual Retirement Account (IRA). With a Traditional IRA you generally contribute pre-tax dollars which means when you access your money from the age of 59 ½ onwards your withdrawals will be taxed as regular income based on your tax bracket.

With a Roth IRA your money will grow tax free because the money you put in has already been taxed. You can generally make tax- and penalty-free withdrawals after age 59 ½.

Are there costs when I leave PensionBee?

Yes, an account closure fee of $50 applies when you close your account with PensionBee. This is charged by the custodian, Apex.

Read our Brochure for more information.

Will I receive communications from other companies about my investment with PensionBee?

Yes, you'll receive emails from [email protected] and [email protected] to keep you informed about investment progress. These emails are from Apex, who are the custodian of the IRA.

What depositor protection applies to my IRA?

Apex, the custodian of the IRA, is a member of the Securities Investor Protection Corporation (SIPC), which offers protection in the event of bankruptcy or financial difficulties faced by the custodian, which is where your IRA is held. Under the SIPC rules, funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for each cash claim. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org.

About the PensionBee service

Be Retirement Confident.

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