PensionBee AuA rise to £2.59bn; profitability expected in 2023

PensionBee’s assets under administration (AuA) increased by 91 per cent in 2021, from £1.36bn to £2.59bn as at 31 December 2021, its annual report has revealed.

The provider attributed the growth to a combination of “cost-disciplined” new customer acquisition, a high retention rate of existing customers who increased their savings and market growth.

More than three quarters (78 per cent) of the growth in assets was driven by net flows from new and existing customers.

Its revenue more than doubled during the same period, from £6.3m to £12.8m.

In light of its results and investment in automation, PensionBee said it was well positioned on its path to profitability by the end of 2023.

The provider’s loss before tax rose from £13.5m in 2020 to £25m in 2021.

Its number of registered customers increased by 63 per cent year-on-year to 658,000, while invested customers rose by 70 per cent to 117,000.

The report also revealed that PensionBee’s spending on advertising and marketing grew by 56 per cent over the year to £12.9m.

This represents a spend of £246 per invested customer, up slightly from £232 in 2020.

Commenting within the report, PensionBee CEO, Romi Savova, said: “By many measures, 2021 has been a milestone year for PensionBee. Our successful Initial Public Offering enabled us to welcome new shareholders who, like us, believe in our mission to make pensions simple so everyone can look forward to a happy retirement.

“We seek to lead our industry on product and service innovation, but are also committed to ensuring that our business delivers a positive impact on our society and our planet.

“In 2021, we strengthened our commitment to international corporate transparency frameworks such as the Sustainability Accounting Standards Board and Workforce Disclosure Initiative, further integrated ESG into our core investment range and continued to work with our asset managers to assert our customers’ views on living wages, and gender and ethnicity pay gaps.

“Looking ahead to 2022, we will continue to implement our ambitious growth plan to acquire more customers and to use our unique technology and innovative product offering to help them manage their pensions throughout their lifetime.”

    Share Story:

Recent Stories

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih
Pensions Age podcast: buy-outs and buy-ins for member and employer nominated trustees
Pitfalls and good practice when approaching insurers with Pensions Age editor, Laura Blows, Martin Parker (Just Group) and Akash Rooprai (ITS)

Advertisement Advertisement