PensionBee, established in 2014 and offering online pension consolidation services, joins Hargreaves Lansdown and Vanguard in the new membership category which was established last year in recognition of the changing nature of the long-term savings market.
In the wake of the pension flexibilities, there is a growing focus among pension providers on improving transfers, and on helping customers consolidate pension pots with different providers into a single account.
Romi Savova, CEO of PensionBee said: "Since its founding in 2014, PensionBee has been on a mission to make pensions simple for consumers. 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.”
Andy Briggs, ABI Chair, said: “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. 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, ABI Director of Policy, Long Term Savings and Protection, said: “In the work we do to represent the long-term savings industry it is vital we can speak for the industry in all its forms. 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.”
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