- Pensions sector to get huge boost
- On course for profitability
The chancellor’s abolition of the lifetime allowance, which removes the upper limit on how much savers can put into their pension over the course of their lives before they face a tax penalty, couldn’t have come at a better time for PensionBee (PBEE), as the pension consolidation specialist aims to build its market share to 2 per cent of the total market over the next few years. The start up, which listed in April 2021, is unlikely to be troubled by reported profitability this year, but its headline sales growth suggests there is pent-up demand for its services – as anyone who has had dealings with multiple pension providers can testify. So for the most part the company is still all about future promise and current losses, but that situation could easily change.