Pensionbee launches new product for self-employed consumers

By Megha Bhattacharya

Pensionbee has announced the launch of a flexible product for self-employed consumers in a bid to enable them to start a new pension with no minimum contributions. Self-employed customers will now have the option to start a brand new pension by setting up a contribution as part of their sign up.

Romi Savova, CEO of PensionBee, commented, “We’re delighted to be able to offer our award-winning pension product to a growing proportion of the UK workforce who have long been underserved by the pensions industry. Without the benefits of Auto-Enrolment, the self-employed are at a significant disadvantage and need access to simple and flexible products urgently if they are to avoid a shortfall in later life.”

According to Pensionbee, its flexible pension for the self-employed aims to make saving as easy as possible by enabling savers to sign up for free, and pay into their pension according to their current income, with no minimum saving amounts. One-off or regular contributions via bank transfer or Direct Debit can be easily set up online or via the PensionBee app, and made from personal or business bank accounts, as a sole trader or a limited company respectively.

“In the absence of old workplace pensions to provide a head start, we know that the thought of saving from nothing can be daunting for many self-employed consumers, which is why we’ve made it as easy as possible for them to open a pension and put money aside whenever their business allows. The self-employed currently make up 20% of the PensionBee customer base, so we know their needs well and are committed to helping many more self-employed consumers plan for a happy retirement and achieve better financial outcomes,” Romi Savova concluded.

Recently, new research by UK-based online pension provider, PensionBee has revealed that COVID-19 impact on the UK labour market will cause a 32% increase in the number of dormant pension pots in 2020.