PensionBee has reported a 218 per cent increase in the number of customers (48,640) contacting the provider via live chat or email between 1 March and 31 July 2020, compared to the same period in 2019.

It also revealed a 37 per cent increase in the number of customers who completed their first pension transfer between March and July 2020, compared to the same period in 2019.

PensionBee suggested that the findings signalled that consumers were using their time in lockdown to manage their finances and plan ahead.

It added that consumers who manage their pensions online were able to more easily engage with their pension during lockdown, with almost 400,000 visitors to the online PensionBee balance API through its open banking partners.

This saw a 35 per cent growth in visitors to PensionBee, with further growth in the number of customers engaging with their pension via their phone, as almost a million smartphone app sessions and 40,000 new app installations were recorded during lockdown.

PensionBee chief executive, Romi Savova, commented: “It is encouraging to see that consumers were using their time in lockdown as an opportunity to review their finances and look for ways to further their money.

“It is during times like this that the benefits of being online are clear - those who manage their pensions with us can more easily check their balance and make contributions than with older, legacy providers.

“At PensionBee our aim is always to make saving simple for our customers. We work hard to give back control to the consumer – and we urge the rest of the industry to do the same.”

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