There is about £1tn of direct contribution pension assets in the UK and PensionBee's aim is to help as many people in the market who often move jobs to bring their pensions together into a single online platform.
Since its launch in 2014, the London-based business has signed up 55,000 people to its pension consolidation platform. Users list their employment history and the platform brings their pensions into a single plan, which is managed by Legal & General, BlackRock or State Street. PensionBee currently has £100m of assets under management, with a further £125m of pension in the process of being transferred. It charges annual fees between 0.5 per cent and 0.95 per cent. Boston-based State Street invested in PensionBee in December and the startup aims to use the bank's industry contacts to start licensing its technology to larger pension providers for use themselves.