Pensions  

PensionBee revenues double in first year of listing

PensionBee revenues double in first year of listing
Romi Savova, founder and chief executive of PensionBee

Online pension provider PensionBee has recorded £13m in revenues for 2021, a 103 per cent increase on the £6m recorded in 2020.

PensionBee’s trading update for the year ending December 31, 2021, published this morning (January 20), showed the provider had a strong year in both revenue and assets under administration growth.

Total AUA has increased by 91 per cent year on year to reach £2.5bn by the end of 2021.

The company said this was driven by both new and existing customer inflows, showing that “product offering continues to resonate strongly with customers as well as the effectiveness of the marketing campaigns to date”. 

It also said pension pot sizes have increased as pension savings across the country grew and the company continued to attract more mature savers.

Net inflows hit £955m, an increase of 83 per cent.

At the end of the year the firm had 172,000 active customers, those who have requested to become an invested customer but have not completed the transfer or contribution process, and 117,000 invested customers, those who have transferred pension assets or made contributions into one of the company’s investment plans.

PensionBee expects to generate in excess of £20m of revenue for full-year 2022 and will transition from the High Growth Segment to the Premium Segment of the Main Market in the first half of 2022.

Romi Savova, CEO of PensionBee, said: "We are delighted to report another period of strong operational and financial performance, with revenue growing by more than 100 per cent year on year - in excess of our guidance given at the time of our IPO. 

“Our focus on efficient, data-led marketing has helped us to increase our customer base considerably as we continue to seize the significant opportunities in front of us.

"We are looking forward to further capitalising on these market drivers in the year ahead, responding to our customers' needs in order to help everyone achieve a happy retirement."

News of the pension provider’s IPO intentions first broke in November 2020, following a period of strong performance which had accelerated the management’s plans.

It joined the stock exchange in April 2021.

Founded in 2014, the pension consolidator was one of the first platforms to join the Association of British Insurers, following Hargreaves Lansdown and Vanguard.

At the time the ABI stated it was looking to reflect the “changing nature of the long-term savings market” and pension consolidators have since been recognised as a potential threat to the traditional advice market. 

amy.austin@ft.com

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