PensionBee, a leader in the consumer retirement market, is known for simplifying pensions and enabling individuals to consolidate their retirement savings into one online platform.
The Climate Plan was developed to meet growing customer demand for sustainable pension options, according to FF News.
Insights from PensionBee’s customers revealed strong support for a plan that aligns with the Paris Agreement’s 1.5°C goals, reflecting an increasing desire to invest in a way that positively impacts the planet.
PensionBee allows users to transfer their existing pensions into a single, easy-to-manage online account. With a focus on transparency and innovation, the platform empowers individuals to track their savings and invest in portfolios tailored to their values and financial goals.
The Climate Plan excludes fossil fuel producers and commits to reducing the intensity of greenhouse gas (GHG) emissions by at least 10% annually.
This exceeds the EU’s 7% minimum for Paris-aligned benchmarks and ensures that even if global carbon usage rises, the plan will consistently aim for reduced emissions.
Building on PensionBee’s sustainable investing strategy, the Climate Plan includes exclusions for unsustainable palm oil, weapons, gambling, alcohol, tobacco, for-profit prisons, and environmental controversies. These criteria reflect evolving customer expectations, ensuring the plan aligns with ethical and sustainable values.
The development was guided by feedback from PensionBee customers. In a February 2024 survey, 62% of participants supported reducing carbon exposure in their portfolios, while 98% backed the addition of new exclusions.
PensionBee Chief Engagement Officer Clare Reilly said, “All our investment solutions are designed for our customers, who play a crucial role in shaping our plan range. The Climate Plan continues our growing history of customer-led product innovation. The environmental challenges we face as a planet are fast moving, as are the solutions to address them.
“We remain committed to evolving and advancing our sustainable plan range, to respond to the changing expectations of customers and to reflect the newest approaches to climate-focused pension saving.
“By directly responding to customer sentiment, we are proud to deliver a pension plan that prioritises impactful climate action and meets today’s environmental challenges head-on.”
The Climate Plan features an annual management fee of 0.75%, ensuring that climate-focused pensions remain accessible to a wide range of customers.
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