PensionBee, a leading provider in the consumer retirement market, known for its digital-first approach to pension management, has launched a new Automatic withdrawals feature aimed at giving customers greater control over how they draw an income in retirement.
The feature allows all eligible customers, from age 55, rising to 57 from 2028, to schedule monthly withdrawals from their pension straight into their bank account. It has been built to make the process of accessing retirement income clearer, simpler and more adaptable than the manual approach previously required.
Automatic withdrawals will run alongside PensionBee’s existing one-off withdrawal option, meaning customers are not forced to choose between the two and can instead combine scheduled and ad-hoc withdrawals depending on their needs. The feature is accessible through both the PensionBee app and its website, and customers can set it up or amend it themselves via their online account, known as BeeHive, without needing to get in touch with the company directly.
This launch continues a run of digital upgrades from PensionBee intended to strip complexity out of pension withdrawals and cut down the number of steps customers must take. The company has positioned the update as part of a broader effort to keep raising standards for transparency and ease of use across the sector.
PensionBee operates as a consumer-focused retirement business, combining interactive planning tools and educational resources with human support from its UK-based team of personal account managers, referred to internally as BeeKeepers. These staff support customers from initial sign-up through to drawdown, aiming to guide them through what can be an unfamiliar and high-stakes stage of their financial lives.
Customers already withdrawing from their pensions on a regular basis stand to benefit straight away, as the new tool removes the need to repeat manual withdrawal requests each month. Those nearing retirement age are also expected to find the withdrawal process more straightforward once they become eligible.
PensionBee chief design officer Matthew Cevik Loft said: “We’ve enhanced our Withdrawals product in response to feedback on how customers want to take an income from their pension. Alongside one-off withdrawals, they can now set up an Automatic withdrawal that arrives in their bank account every month, with the freedom to change, pause or stop it at any time.
“It’s part of an ongoing focus on customers nearing or in retirement, taking one of the most daunting moments in someone’s financial life and making it feel simple and effortless. Good design is what turns a pension into genuine confidence in retirement, and Automatic withdrawals are a clear example of that in action.”
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