Online pension provider PensionBee unveils plans to conquer US

‘Transformative step’: Pensionbee, led by Boss Romi Savova (pictured), is setting up a New York operation

Pensionbee has described its plans to expand into America as a ‘transformative step’. 

The online pension provider is setting up a New York operation in a tie-up with an unnamed ‘US-based global financial institution’. 

The move will see the ten-year old firm enter the world’s largest defined contribution market, with £17.7trillion in assets – or 80 per cent of the global total. 

Shares rose 6.7 per cent, or 6p, to 96p. Pensionbee is an app that puts pension contributions in one place. In the UK, it had £4.4billion of assets under administration at the end of last year. 

Its US partner will provide ‘substantial marketing funding’. Boss Romi Savova said: ‘This is a transformative step for Pensionbee.’ 

She said many US savers ‘still struggle to prepare adequately for retirement amidst an array of confusing and difficult-to-use investment options’. 

Pensionbee, which is due to publish full-year results next week, said it was on course to be profitable in the UK for the 2024 financial year