PensionBee doubles in size as zero carbon plan attracts millennials

PensionBee has doubled in size after in its first year on the stock market.

The leading online pension provider said revenue grew by 103% last year to reach £13 million. Assets under manager rose 91% to £2.6 billion.

PensionBee said it has expanded its customer base "across the widest demographic from 18 to 80" and had a customer retention rate of over 95%.

PensionBee’s recently launched a “Fossil Fuel Free” pension plan aimed at attracting millennials and CEO Romi Savova said it has been “particularly popular with that demographic, as your pension can do wonders for the environment”.

Savova said the company has been “roughly doubling in size every year” since its inception in 2014. The company went public nearly one year ago in April 2021, with shares offered at 165p.

After today’s revenue announcement, the PensionBee share price jumped 8.20p, or 6.45%, to 135.30p

The tech company has launched features making a simpler way to pay into pension pots and a Transfer Tracker app for tracing pension transfers in real-time. The service allows customers to funnel older pension schemes into one new plan that can be easily accessed and managed using the PensionBee online app.

Savova told the Standard:"In terms of a forecast for 2022 we expect customers to find managing their pensions with us even easier in 2022, with the ability to track transfers and make contributions in under 60 seconds.

"All of that should translate into strong new customer growth and also strong growth of contributions as existing customers build up their retirement pension pots."

She added: "Simplicity is particularly important for young savers because the best thing you can do for your pension is to start saving early and benefit from long term market growth.”