LONDON: PensionBee, a leading online pension provider in the UK, has announced its plans to expand into the US, the world’s largest Defined Contribution pension market. The company has signed an exclusive, non-binding term sheet with a large, US-based global financial institution, which will provide its expertise and marketing funding for the venture.

PensionBee will deliver the US service through a wholly-owned subsidiary, PensionBee Inc, with operational headquarters in New York. The company will offer its award-winning online retirement proposition and proprietary technology to US consumers, enabling them to easily consolidate and roll over their 401(k) plans into a new Individual Retirement Account (IRA).

The final agreement is subject to due diligence, legal documentation and regulatory approvals, with launch expected in late 2024. PensionBee expects its US business to grow rapidly and become at least the size of its UK business over the next decade.

Romi Savova, CEO of PensionBee, said: “This is a transformative step for PensionBee and for our stakeholders. By entering the world’s largest Defined Contribution pension market, our straightforward approach to online retirement savings will help millions of consumers look forward to a happy retirement.”

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 and impact investing 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 £4.4 billion in Assets Under Administration and 229,000 Invested Customers as at 31 December 2023. PensionBee has consistently maintained a Customer Retention Rate in excess of 95% and an Excellent Trustpilot rating from more than 10,000 customers, reflecting its commitment to outstanding customer service.

PensionBee is admitted to trading on the Premium Segment of the London Stock Exchange’s Main Market (LON:PBEE).

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