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 idea to transfer your old pensions into a single pot does not come from PensionBee and people have not waited for them to do so. It’s just common sense to transfer your past employer’s pension when you leave them to minimise charges, rationalise management and the admin. I’ve now transferred 3 ex-employers’ group pensions into my SIPP and did it before PensionBee even existed. I also did it every time I left an employer.
PensionBee launched using this marketing ploy, as if pension transfers and consolidation had not existed, to make people think that PensionBee had invented it. However, it was around the time watchdogs were complaining about pension managers distributing to their own shareholders the orphan assets running in the billions of many people (millions) having forgotten their ex-employers pensions or their heirs not knowing of the existence of such assets. Thus, they leveraged.the marketing push and free publicity from authorities trying to encourage people to consolidate their pensions.
According to what I can read above, PensionBee seems very limited in their offering and mainly for the unsophisticated. They must have automated the process in a quite user-friendly way and should learn from them when designing their pension transfer UI/UX once SIPPs are live.
Looks like the IPO could be soon as this is the 3rd message in a short time I have received. I would like buying into this stock even if I didn’t have early access to it.
Towards the end of last year we were happy to announce that PensionBee Limited would be exploring a listing on the London Stock Exchange in the next 12-18 months. We believe this is the natural next step in our development and, as part of our prospective IPO (initial public offering), we’d like to give our customers the opportunity to buy shares in PensionBee or its future parent company, if and when we float.
We’ve teamed up with PrimaryBid to give you easy access to the IPO when the time comes through their simple online platform. To be eligible to take part you’ll just need to have passed our security checks and be located and resident in the UK.
All you need to do is sign up (via the link below) and pair your PensionBee and PrimaryBid accounts. PrimaryBid will then digitally notify you with further details as and when they become available.
Signing up will not commit you in any way to participating in our prospective IPO. However, it will mean that your PrimaryBid account is ready at the beginning of any future subscription period and that you’ll enjoy any updates along the way. If we proceed with our plan to IPO, we’ll publish a prospectus which you should base your investment decision on.
We built PensionBee for customers like you and we want to give you the opportunity to become shareholders. Sign up with PrimaryBid to register your interest in our prospective IPO.
Or they could just be on a major campaign to see interest Either way will be interesting to keep an eye on when it eventually is available on FT as I think it hits a good section of people in its marketing.
As I understand it is was marketed between 300 and 350 and priced above that range. I have no information on them but presumably the projections were good and believable? No pop but trading flat so far so better than deliveroo (low bar )
My thinking why the market gave them such an valuation:
growth rate >100% for the past couple of years;
they are still very tiny (<0.1% of their addressable market);
customers are very sticky with the retention rate >95%;
good demographics of their customers (majority <40yrs), with avg pension pot growing each year;
majority of operating costs are for marketing which is OK’ish as long as company grow.
Their valuation is >5000 GBP per invested customer (69k customers at year end 2020). Extremely high, but considering high growth that ratio should soon come down. Avg customer yields ~120 GBP per year, so I think that in the long run 1000 GBP per customer should be justifiable.
If we assume that company maintains 50-100% growth per year for at least 5 years the current valuation makes sense. But of course, a lot of success factors are priced in.
They also over hype their customer data. They state that they have 476k customers but when you look into the details only 81k of these have actually acquired a service. Out of 100 registered customers just 17 have acquired a service. I think PensionBee will go teh same way as Aston martin, Coinbase, Deliveroo and other over priced IPOs. I went short on PB this week.
You should probably have declared this interest in the post that was designed to make people have a lower opinion of the stock.
I’m also guessing you’re not actually a Freetrade user as this platform doesn’t support shorting. In which case, I can only assume that you’re only putting out this information in an attempt to try to sway people’s opinion in order to help your own short position.
Yes i have read them and i have not broken any rules, i’ve provided all factual numbers and stated all beliefs are my opinion. Most analysis comes from people who are either buying or selling so one would assume theres an interest in most analysis on stocks etc.