PensionBee launches a new automatic withdrawal service, allowing eligible savers aged 55 and over to manage regular pension payments effortlessly via its app, simplifying retirement finances and providing greater flexibility.
PensionBee has launched a new automatic withdrawals service designed to make it easier for customers to draw a regular income from their pensions in retirement. The feature lets eligible savers aged 55 and over, rising to 57 from 2028, arrange monthly payments straight to their bank account, while still keeping the option to make one-off withdrawals when needed.
The move is the latest step in PensionBee’s push to reduce the paperwork and repetition that can come with pension drawdown. Customers can set up and amend the service themselves through the firm’s app or website using their BeeHive account, without having to contact the company. PensionBee says the system is intended to give retirees more choice over how they take money out, combining the predictability of scheduled payments with the flexibility of ad hoc withdrawals.
For customers already taking money from their pension on a monthly basis, the change removes the need to submit repeated manual requests. Those approaching retirement should also find the process more straightforward once they are eligible. PensionBee has framed the update as part of a wider programme of digital changes aimed at making pensions simpler to manage and easier to understand, supported by its UK-based team of personal account managers known as BeeKeepers.
Matthew Cevik Loft, the company’s chief design officer, said the update was driven by customer feedback and described it as a way of making a difficult financial milestone feel less daunting. PensionBee also says regular withdrawals can help those nearing retirement plan more sustainably, although the firm continues to offer annuity access and lump-sum withdrawals alongside the new feature.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
