By continuing to use our website you are agreeing to their use. Give us permission to transfer your money and hit "Confirm", Add money to your pension in a few clicks, Save any amount with no minimum contributions, Add a beneficiary and pass on your pension. How much tax do you pay inside IR35 on pension contributions? Once you reach the age of 55 you can start to take money from your pension. your salary. You need JavaScript to fully access our website. Don’t worry! PensionBee pensions are defined contribution personal pensions, and they’re managed by the world’s biggest money managers. FCA Reference Number: 744931. Hopefully that’s helped clear up how pensions work. General enquiries: 020 3457 8444 How to withdraw money from a pension fund. If you’ve got a defined benefit pension, the amount you receive on retirement is usually based on the number of years you’ve been a member of the scheme and your salary (either your salary at retirement or an average of your salary during your years working). What you put in is then invested by fund managers, typically in things like shares, property, cash and bonds. PensionBee will assign a dedicated ‘Beekeeper’ to take care of all aspects of the switching process. Plan ahead with our drawdown calculator A workplace pension is much like a personal pension, but differs in that it’s set up by your employer. (State, personal and workplace), Pension contributions from your limited company. What happens to my pension if I move abroad? What happens to my pension if I move abroad? How long after divorce can you claim a pension? You need JavaScript to fully access our website. When you start at a new company or when your employer sets up a new scheme, you will usually receive information about the scheme and agree the percentage of your salary that will be paid into your workplace pension. Here’s an explanation of how each of these works. Call our UK team 020 3457 8444, Monday-Wednesday 9:30am-6pm, Thursday-Friday 9:30am-5pm, Monday-Wednesday 9:30am-6pmThursday-Friday 9:30am-5pm. Your employer can also choose to pay into your PensionBee plan. PensionBee combines and transfers your old pensions into a brand new online plan, managed by some of the world’s largest money managers. How do I top up my pension? free to change your plan at anytime. How much can I pay into a pension each year? What is a frozen pension and what are my frozen pension options? A workplace pension is a way of saving for your retirement that's arranged by your employer. Press: press@pensionbee.com PensionBee was launched in the UK in 2014. This means that the amount you have in your pension plan on retirement depends on how much you’ve paid into your pension and how your investments have performed over time. What happens to my pension if I am made redundant? Defined benefit (DB) pensions are a type of workplace pension, which promise to pay you a retirement income based on a percentage of PensionBee combines all your pensions into a single, good value online plan. Pension contributions for the self-employed. We use cookies to ensure that you get the best possible experience. PensionBee can combine and transfer your old pensions into a brand new PensionBee plan that you can manage easily online. Information Commissioner's Office registration: ZA131262 Usually, your employer also adds money to your pension, and contributions from the government will be added in the form of tax relief. Join over 384,000 customers already using PensionBee. It’s set up solely by you, and what you’ll receive depends on what you’ve put in, as well as how well your investments perform over time. Partners: partnership@pensionbee.com, PensionBee, City Place House, 55 Basinghall Street, London, EC2V 5DX. Your employer can also choose to pay into your PensionBee plan. PensionBee can help you do this - we just need a few simple details and we’ll get to work finding and transferring your old pensions. You need JavaScript to fully access our website. Where to find your National Insurance number. You'll also get easy access to your pension, via our Drawdown option, from age 55. The idea for PensionBee came after Romi struggled to switch her pension provider on traditional platforms, and decided there had to be a better way. As you can see, it makes a lot of sense to have a workplace pension, as your employer will add contributions. Information Commissioner's Office registration: ZA131262 How do government pension contributions work? Press enquiries: 020 3859 5788, General enquiries: contact@pensionbee.com What is a frozen pension and what are my frozen pension options? Press: press@pensionbee.com FCA Reference Number: 744931. through your salary. Whoops! You make regular contributions and typically the money is invested, with the aim to grow your savings over time. Click here for instructions on how to enable it. Information Commissioner's Office registration: ZA131262 Elsewhere, it’s important to bear in mind that pensions benefit from tax relief. General enquiries: 020 3457 8444 What happens to my pension if I am made redundant? With pensions, your capital is at risk. Alternatively, you can just take out your savings bit by bit. Once you reach 55 you can use your DC pension to buy an annuity, which will provide an income for the rest of your life. If you want to opt out of the pension plan, you will need to tell your employer. Your employer will then deduct your pension contributions directly from your wages before paying you. You can combine your pensions into a PensionBee personal pension plan and then keep track of your retirement savings online. What does PensionBee do? Call our UK team 020 3457 8444, Monday-Wednesday 9:30am-6pm, Thursday-Friday 9:30am-5pm, Monday-Wednesday 9:30am-6pmThursday-Friday 9:30am-5pm. Using this info, they will then trace and find all of your old pensions for you. You'll receive personal customer support from your very own account manager, or "BeeKeeper", who'll let you know if we find any exit fees of more than £10, and keep you updated every step of the way. Our pensions are managed by some of the world's largest money managers — State Street Global Advisors, HSBC, BlackRock and Legal & General — so you know your money’s in experienced hands. What is a Self Invested Personal Pension (SIPP)? Most modern workplace pensions are defined contribution pensions. What happens to your pension when in hospital? Confused yet? Press enquiries: 020 3859 5788, General enquiries: contact@pensionbee.com How to withdraw money from a pension fund. What happens to my pension when I leave a company? Whoops! Employers now have to automatically enrol most of their employees into a workplace pension scheme, and employers are also obliged to make a certain level of contributions. A pension is a retirement fund built up over the course of your working life. Drawdown from PensionBee is a simple, stress-free way to take cash from your pension. In contrast to other types of long-term saving, pensions come with the added benefit of tax relief. Find out more through our dedicated page on the topic. PensionBee is authorised and regulated by the Financial Conduct Authority. With pensions, your capital is at risk. Press: press@pensionbee.com The amount you pay depends on your total income for the year and your tax rate. How do pensions work? which automatically moves your money into safer assets as you grow older. Auto Enrolment legislation now What happens to your pension when in hospital? Withdraw your pension from the age of 55. A personal pension is what you’ll get if you sign up to a PensionBee plan. Pension contributions for the self-employed. Defined contribution (DC) pensions are a type of workplace and personal pension, which you pay contributions into - most commonly In this case Pension Bee looks competitive for a retail/individual pension, especially if you have over £100K in it.As long as the funds perform as expected of course. Based just outside of London's financial centre they are attempting to innovate the UK pension industry by making it easier for people to locate and consolidate their existing pension plans. The State Pension is a government-backed pension that you can claim when you reach pension age. PensionBee combines all your pensions into a single, good value online plan. FCA Reference Number: 744931. In most cases, your employer will also add money to your workplace pension, and your pension provider will add money from the government in the form of tax relief. By continuing to use our website you are agreeing to their use. When you sign up to PensionBee we'll help you find and transfer your old pensions into a brand new plan. If you earn more than £10,000 a year and you’re aged between 22 and State Pension age, you will probably be automatically enrolled into your workplace pension scheme.