Customer pledges pave the way for PensionBee to deliver its innovative pension Impact Plan two weeks after it was announced to existing customers. Thousands of customers have already committed over £50m in switches, fulfilling the requirement to seed and launch the plan.
The plan has been created for PensionBee, in collaboration with BlackRock, in response to customer feedback. Existing customers who have already committed to the plan will now have their assets transferred before the plan launches to the general public in the coming weeks.
Pension’s Bee Impact Plan is an innovative pension offering which enables savers to invest in companies that are building a better future for our planet and society. It offers customers access to public-markets impact investing, allowing them to redirect their savings towards companies that are providing solutions to the United Nations Sustainable Development Goals and the transition to Net Zero.
The new plan is PensionBee’s third responsible investing option, from a total of eight plans. It joins the Fossil Fuel Free Plan, which completely excludes firms with proven or probable reserves of oil, gas or coal, and the Shariah Plan which only invests in Shariah-compliant companies.
Clare Reilly, Chief Engagement Officer of PensionBee, commented:
“Our customers have made creating the Impact Plan possible, by telling us how they want to see their money invested, helping shape that vision and then pledging to invest in the fund to make it a reality.
With their support, we’re proud to be bringing another genuinely customer-led solution to the UK pensions market, as we know that planning for a happy retirement starts with providing savers with products they want and believe in.”
PensionBee is a leading online pension provider, making pension management easy for its customers while they save for a happy retirement.
PensionBee helps its customers combine their old pension pots, make flexible contributions, invest in line with their goals and values and make withdrawals from the age of 55 (increasing to 57 in 2028.) PensionBee offers a range of investment plans, including fossil fuel free options, from some of the world’s largest asset managers.
Operating in the £1 trillion market of Defined Contribution pension assets, PensionBee has grown rapidly through its direct-to-consumer marketing activities, creating a household brand name for the mass market.
The Company has over £3.0bn in Assets Under Administration and 183,000 Invested Customers as at 31 December 2022. PensionBee has consistently maintained a Customer Retention Rate in excess of 95% and an Excellent Trustpilot rating, reflecting its commitment to outstanding customer service.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
Sustainable Investing at BlackRock
BlackRock is committed to helping its clients build resilient and well-constructed portfolios that are critical to achieving their long-term goals. BlackRock is making sustainability integral to the way we manage risk, construct portfolios, design products, and engage with companies.
BlackRock currently manages US$490 billion in dedicated sustainable assets, including an industry-leading renewable power infrastructure business, which invests in the private markets in wind and solar power; green bond funds; the industry’s first environmental sustainability-focused cash management strategy; and circular economy active strategies, which invest in businesses focused on minimising waste and leveraging the full life cycle of materials.