Pensionbee announces major milestones on path to expansion

Pensionbee announced today that its assets under administration (AuA) had climbed to over £5bn for the first time.

The online pensions provider also said that it had reached over 250,000 invested customers in June.

“These important milestones have been achieved through the continued delivery of the Company’s strategy, driven by a combination of high and consistent customer retention and strong net inflows from new and existing customers,” the company said.

Pensionbee, which was launched in 2014 and listed in 2021, operates in the UK’s £1trn defined contribution pension market. It provides customers with the ability to move their old pension plans to its digital platform and take over the management of them.

The London-listed firm is expected to post its first annual profit in this financial year. In a trading update in January, it reported a 56 per cent jump in invested customers and a 38 per cent surge in revenues to £18m in 2023.

The firm recently announced that it is planning on expanding into the US retirement market, the world’s largest defined contribution market.

Pensionbee has also laid out goals to continue growing in the UK. It hopes to take on 1m customers over the next 5-10 years.

“Reaching a quarter of a million invested customers across the UK is a significant milestone in our journey, as we help to meet the country’s ever greater need for long-term retirement planning and preparedness, creating Pension Confidence,” Romi Savova, chief executive of the pensions provider, commented.

“The continued growth of the business in line with our ambitions, demonstrated by AuA of £5bn, has been achieved through our prioritisation of delivering excellent customer service, our scalable technology platform and our innovative product designed to meet the needs of our customers. We look forward to helping even more people achieve a happy retirement,” Savova added.