How PensionBee created a pension plan loved by 89% of investors

Challenge

Pension provider PensionBee had begun receiving calls from customers who wanted to exclude oil companies from their investments. Recognising a shift in consumer attitudes, they needed to quickly investigate how far the feeling ran among their target consumers.

We weren’t sure whether these were vocal customers who had a minority opinion or whether their views were representative of most of our customers

Priyal Kanabar, Customer Insight Manager at PensionBee

Solution

Kanabar and her team used Attest to carry out an extensive consumer research project. The research probed PensionBee’s customers on how they want their pension money invested, and to what extent they want providers to take ethical concerns into consideration in the investment process. From the research, they learned there was significant demand for a new Fossil Fuel Free Plan.

We used evidence from Attest surveys to lobby our money managers to create a completely new mainstream fund.

Priyal Kanabar, Customer Insight Manager at PensionBee

Impact

PensionBee’s Fossil Fuel Free Plan* excludes companies with oil, gas or coal reserves, as well as tobacco companies and manufacturers of controversial weapons (*capital at risk). Instead, more of savers’ money is invested in companies that are aligned with the Paris agreement, using a specially created sustainability index.

Within a short time of being introduced to customers, the Fossil Fuel Free Plan had already received £45 million in commitments from people pledging to switch their existing plans. And when PensionBee surveyed the 4,000+ investors a year after launch, they found that 89% were happy with the plan’s exclusions. They will continue to monitor consumer sentiment and evolve the plan as views change.

Our mission is to make pensions simple and engaging, and embracing customer feedback is a huge part of that. Attest helps us to harness insight quickly and easily to drive evidence-based decision making and ensure as a business we are relentlessly focused on customer need.

Priyal Kanabar, Customer Insight Manager at PensionBee