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Pension consolidator joins ABI as platform member

Pension consolidator PensionBee has joined the Association of British Insurers as a platform member, the third company to do so after Hargreaves Lansdown and Vanguard.

PensionBee was set up in 2014 and last year sold a stake in its business to State Street Global Advisors.

The ABI started its platform membership category last year.

PensionBee chief executive Romi Savova adds: “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 a public spat last year, PensionBee wrote an open letter to Aegon’s UK chief executive Adrian Grace accusing the company of blocking hundreds of pension transfers and putting up “barriers to switching”.

Aegon rejected the allegations and later confirmed it would resume transfers to PensionBee provided it got “personal assurances” from the directors of the company about key aspects of transfer process.

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