PensionBee reaches £5bn in assets under administration

Online pension provider PensionBee Group announced significant milestones in an update on Thursday.

The London-listed company said it had surpassed £5bn in assets under administration, and reached 250,000 invested customers as of June.

It said the achievements were the result of the successful execution of PensionBee's strategy, characterised by high customer retention rates and robust net inflows from both new and existing customers.

“Reaching a quarter of a million Invested Customers across the UK is a significant milestone in our journey, as we help to meet the country's ever greater need for long-term retirement planning and preparedness, creating Pension Confidence,” said chief executive officer Romi Savova.

“The continued growth of the business in line with our ambitions, demonstrated by assets under administration of £5bn, has been achieved through our prioritisation of delivering excellent customer service, our scalable technology platform and our innovative product designed to meet the needs of our customers.

“We look forward to helping even more people achieve a happy retirement.”

At 1004 BST, shares in PensionBee Group were up 2.9% at 157.96p.

Reporting by Josh White for Sharecast.com.