PensionBee third platform to join ABI

PensionBee third platform to join ABI

Online pension consolidator PensionBee has become the third platform to become a member of the Association of British Insurers (ABI), joining Hargreaves Lansdown and Vanguard.

Platform membership is a new category established last year to reflect the changing nature of the long-term savings market.

It is designed to welcome businesses that deal with the growing focus on improving pension transfers, and on helping customers consolidate pension pots with different providers into a single account.

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Romi Savova, chief executive of PensionBee, argued that since its founding in 2014 the fintech company “has been on a mission to make pensions simple for consumers”.

She said: “We have taken a strong public stance against unacceptable transfer delays, extortionate exit fees and excessive complexity.

“We are delighted to continue our work to make this industry better for customers and look forward to working with the ABI and its members.”

According to Andy Briggs, ABI’s chair, “it’s great to see how firms are embracing changes the ABI is making to ensure it remains at the forefront of shaping and influencing retirement and savings policy”.

He said: “Technology offers lots of ways for firms to serve their customers better and our industry is embracing those opportunities.

“I know the addition of PensionBee will further strengthen our voice as we represent the sector to governments and to regulators.”

Yvonne Braun, director of policy for long term savings and protection for ABI, said that it is vital the association can speak for the long-term savings industry in all its forms.

She added: “PensionBee is one of the challengers that has demonstrated how online services can engage and empower savers.

“I know we will benefit from their input while their membership of the ABI will give them access to all of our expertise and resources, and ensure their voice is heard at the highest levels.”