- UK-based online pension provider PensionBee is set to expand into the US market through an exclusive, non-binding term sheet with an unnamed US financial organization.
- The move is considered a “transformative step” for PensionBee, aiming to match or exceed the scale of its UK business in the US-defined contribution pension market.
- The expansion will allow US customers to consolidate and transfer their employer-sponsored defined contribution retirement plans into a new Individual Retirement Account (IRA).
- The deal is expected to be completed in late 2024, subject to regulatory approvals, with PensionBee Inc. established in Delaware and headquartered in New York.
Online pension provider PensionBee announces US expansion plan
