Also, my PensionBee pot has grown 15% since I joined them 16 months ago. Wish I’d heard of them sooner!
Perfect. Exact answers thank you. Pension Bee grow the previous pension money from a risk factor you select, and the current pension stays how it is.
One more; What would someone hypothetically do when the current pension changes as that person then moves jobs?
Would that then consolidate into the previous pot and a % will then be taken from that?
Depends on the charges and performance and if they are more advantageous than PensionBee.
Sorry I still do not understand what happens to your current pension when that comes to an end whilst using pension bee?
You’re welcome. When you move jobs, you can move that pension into PensionBee. They don’t take a fee for moving a pension to them, they just charge the ongoing management fee that all pension providers charge. In my case, compared to previous pension providers the charges have been lower with PensionBee.
I am disgusted at myself for asking another question (it’s only because this info is required for this evening). Punk rock Friday night
So, say all previous pensions are collected into Pension Bee, a current employer pension is live, THEN, you switch jobs and suddenly do not have that current pension… What happens to that live pension that has now ended with the job? (But was live in Pension Bee).
I am really struggling on this one hahaha. So sorry.
T h a n k y o u
The pension you are paying into in your current job is nothing to do with PensionBee - you have all your old ones consolidated in PB but your current workplace pension scheme is with whatever provider your employer goes with. While you’re employed, you and your employer pay into their scheme. This is still totally separate from PB.
If you leave a job, you can choose to either leave your pension with your now ex-employer’s provider or you can move it elsewhere, e.g. PensionBee.
I basically have all my old pension pots with PB and my current workplace pension with Aegon. If and when I move on from my current employer, I will move my Aegon pension pot into PB. Hopefully I’ll be with a new employer who will enrol me onto their pension scheme!
The best I now have to explain this to my girlf who instantly created a PB account because a friend recommended it to her, without actually looking at what she was doing.