Online pension provider PensionBee unveils plans to conquer the US

‘Transformative step’: Pensionbee, led by boss Romi Savova (pictured), sets up operation in New York

Pensionbee has described its plans to expand into America as a ‘transformative step’.

The online pension provider is setting up a branch in New York, in collaboration with an undisclosed ‘American global financial institution’.

The move will see the decade-old company enter the world’s largest defined contribution market, with £17.7 trillion in assets – or 80 percent of the global total.

Shares rose 6.7 percent, or 6p, to 96p. Pensionbee is an app that collects pension premiums in one place. In Britain it had £4.4 billion in assets under management at the end of last year.

The US partner will provide ‘substantial marketing funding’. Boss Romi Savova said: ‘This is a transformative step for Pensionbee.’

She said many American savers “are still struggling to adequately prepare for retirement amid an array of confusing and difficult-to-use investment options.”

Pensionbee, which will publish full-year results next week, says it is on track to be profitable in Britain by the 2024 financial year.