The Association of British Insurers (ABI) has announced the addition of PensionBee as its third platform member.
PensionBee was established in 2014 and offers online pension consolidation services. It joins Hargreaves Lansdown and Vanguard in the new membership category.
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.”
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.
Andy Briggs, chairman of ABI commented: : “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.”