Online pension supplier PensionBee unveils plans to beat US
‘Transformative step’: Pensionbee, led by Boss Romi Savova (pictured), is establishing a New York operation
Pensionbee has described its plans to increase into America as a ‘transformative step’.
The on-line pension supplier is establishing a New York operation in a tie-up with an unnamed ‘US-based global financial institution’.
The transfer will see the ten-year previous agency enter the world’s largest outlined contribution market, with £17.7trillion in belongings – or 80 per cent of the worldwide whole.
Shares rose 6.7 per cent, or 6p, to 96p. Pensionbee is an app that places pension contributions in a single place. In the UK, it had £4.4billion of belongings underneath administration on the finish of final 12 months.
Its US companion will present ‘substantial marketing funding’. Boss Romi Savova mentioned: ‘This is a transformative step for Pensionbee.’
She mentioned many US savers ‘still struggle to prepare adequately for retirement amidst an array of confusing and difficult-to-use investment options’.
Pensionbee, which is because of publish full-year outcomes subsequent week, mentioned it was on track to be worthwhile within the UK for the 2024 monetary 12 months
