Customers and users of PensionBee will soon be able to take advantage of their account holding status in order to use their pension to become a shareholder in the Fintech start-up following plans to list on the London Stock Exchange.
PensionBee launched in 2014 as a solution to the problem of multiple workplace pensions. They offer a service which helps customers to easily track down and consolidate their pensions into one, low cost, effectively managed account. Since its launch, PensionBee has signed up more than 119,000 customers and currently has over £1.4bn of assets under management.
PensionBee have demonstrated a sound business model, doubling their users and assets under management each year since launch. Now those customers can expect an ‘early invitation’ to register their interest in its upcoming IPO. Historically, flotations of this nature are dominated by large institutions who sweep in and purchase the shares on offer, however, PensionBee’s plans put their customers at the forefront, offering the option to link pension accounts to the IPO process and buy shares upon the launch of the offer.
Currently, 60 percent of PensionBee is owned by management and staff, however, none of the existing owners are likely to sell shares in the upcoming IPO, reflecting the company’s confidence in the continued growth of PensionBee.
PensionBee currently offers seven PensionBees plans to choose from, managed by Legal and General, BlackRock and State Street. These plans include a Future World fund for investors who would prefer to invest ethically and a Shariah fund for investors who would prefer to invest in line with their faith. There are no fees for transferring your pensions across to them, however, they currently only offer their service to customers who are looking to transfer a pension across, but not for people looking to start a brand new pension.
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Antonia is the Financial Editor at InvestingReviews.co.uk and brings a wealth of experience, having written for various industries over the past 10 years.
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