Our vision and mission exist to inspire us, to guide us and to remind us of our purpose as a company in the broader world. Our vision is a world where everyone can enjoy a happy retirement. Our mission is to build pension confidence.
We work to make our vision a reality for our customers through the elements of financial freedom, good health and social inclusion, which we believe should ultimately lead to better retirement outcomes for our customers.
PensionBee, a publicly listed company on the London Stock Exchange, is creating a global leader in the consumer retirement market.
Recognising the expansion of our operations to the United States following the 2024 launch of our wholly-owned US subsidiary, PensionBee Inc., we are seeking to enrich our board with an additional independent Non-Executive Director (iNED) with deep experience of US financial markets, particularly with a retail and/or investment background.
Overview of PensionBee
PensionBee Group plc ('PensionBee' or the 'Company') is creating a global leader in the consumer retirement market with approximately £7 billion in assets on behalf of approximately 300,000 customers.
Founded in 2014, we aspire to make as many people as possible pension confident so that everyone can enjoy a happy retirement. We help our customers to combine their retirement savings into a new online account, which they can manage from the palm of their hand.
PensionBee accounts are invested by the world's largest investment managers, collectively looking after more than $10 trillion in savings between them. Each PensionBee customer has a personal account manager ("BeeKeeper") to guide them through their savings and retirement journey. PensionBee has an "Excellent" Trustpilot rating based on over 12,359 reviews.
The US Defined Contribution pensions market is the world's largest at $30 tn, with over 30 million left behind 401(k)s, highlighting a significant need for a simple retirement solution. This underserved market mirrors UK dynamics. PensionBee's US expansion, a strategic partnership with State Street Investment Management (SSIM), offers a digital platform for consolidating US retirement savings, including IRA and 401(k) accounts. Our Safe Harbor IRA, aimed at mandatory rollovers of small balances from 401(k) plans, is gaining traction with employers as we deepen our connections.
Our five core values—Love, Honesty, Innovation, Quality, and Simplicity—are our foundation. They inspire our actions, guide our decisions, and define who we are, ensuring we focus on doing the right thing for all stakeholders: customers, colleagues, and society. Chosen at the Company's inception a decade ago, these values have stood the test of time, and we continue to preserve the culture they represent as we grow.
The Company's board (the 'Board') is led by its Chair, Mark Wood CBE (who previously served as CEO of Prudential UK & Europe, Axa UK, and Jardine Lloyd Thompson Employee Benefits). The Board consists of three executive directors—our CEO, Romi Savova, our CTO, Jonathan Lister Parsons (both founders and significant shareholders), and our CFO, Christoph J. Martin—along with three highly experienced iNEDs: Mary Francis CBE, Michelle Cracknell CBE, and Lara Oyesanya.
Location: Board meetings are mainly held via video conference, though ‘in person’ attendance at the Company’s London office is encouraged from time to time. A US-based director would generally be expected to attend online. Meetings at our US office New York may also be arranged as our operations grow.
Reporting to: The chair of the Board (the ‘Chair’).
Appointment: Initial term of up to three years, subject to annual re-election. The individual will also be appointed to the board of PensionBee Inc. It is currently envisaged that the successful candidate will also be asked to serve on the Board’s Audit and Risk Committee. Subject to experience and availability, there may also be the opportunity to serve on the Nomination and Remuneration Committees.
Time Commitment: The role primarily involves preparing for and attending scheduled meetings. Travel time is generally not required unless meetings are held in person. The Board currently meets eight times per year for half a day each. Each committee typically meets two to five times a year for up to two hours. In addition to these scheduled meetings, ad hoc meetings or telephone discussions may occur as needed. Induction and familiarisation meetings will also be arranged during the first year after appointment.
Remuneration: Remuneration is determined by the Board, based on the recommendation of the Remuneration Committee and consistent with the Company’s remuneration policy, reflecting the time commitment, responsibilities, and experience required for the role. The fee will be in the range of c.£50,000.
Responsibilities
● Uphold high standards of integrity and probity and support the Chair and executive directors in instilling the appropriate culture, values and behaviours in the boardroom and throughout the Company.
● Constructively challenge and help develop proposals on strategy and then fully empower the executive directors to implement the strategy.
● Scrutinise the performance of the executive committee in meeting agreed goals and objectives and monitor the reporting of performance.
● Apply their judgment to the business of the board meetings, leveraging their knowledge of the business and their other business experience.
● Demonstrate the financial literacy required for a proper understanding of the group’s activities and associated risks.
● Satisfy themselves on the integrity of financial information and that financial controls and systems of risk management are robust and defensible.
● Determine appropriate levels of remuneration for executive directors, and have a prime role in appointing and, where necessary, removing executive directors and in succession planning for these roles.
● Complement the skills and experience of the executive directors, in particular by bringing to bear a diverse range of knowledge, experience and insight from other industries.
● Ensure that individual business decisions conform to agreed strategies and policies.
Experience, Skills, and Attributes
Essential Criteria
Financial Services/FinTech Experience: Significant senior-level US experience within the financial services sector, within a regulated environment. Experience in FinTech, consumer orientated retail financial services, or pensions/savings is highly desirable.
Strategic Acumen: Proven ability to contribute to strategic debate, provide robust challenge, and exercise sound judgment across complex matters.
Financial Literacy: Ability to understand key financial statements, performance indicators, and financial controls.
Integrity and Ethics: Highest standards of personal integrity, professionalism, and ethical conduct.
Independence: Meets the criteria for independence as set out in the UK Corporate Governance Code.
Circumstances which are likely to impair, or could appear to impair, a nonexecutive director’s independence include, but are not limited to, whether a director:
● is or has been an employee of the Company or group within the last five years;
● has, or has had within the last three years, a material business relationship with the Company, either directly or as a partner, shareholder, director or senior employee of a body that has such a relationship with the Company;
● has received or receives additional remuneration from the Company apart from a director’s fee, participates in the Company’s share option or a performance-related pay scheme, or is a member of the Company’s pension scheme;
● has close family ties with any of the Company’s advisers, directors or senior employees;
● holds cross-directorships or has significant links with other directors through involvement in other companies or bodies; represents a significant shareholder; or
● has served on the board for more than nine years from the date of their first appointment.
Highly Desirable Criteria
Financial Reporting: Experience with US accounting standards. Experience as chair or member of an audit committee of a listed entity.
Regulatory: Experience with the US commercial regulatory environment, particularly in financial services.
Risk Management: Expertise in enterprise-wide risk management, compliance, and cyber risk.
Technology/Digital: Experience scaling digital platforms or understanding of core technology and
data practices.
People & Culture: Experience in executive compensation, talent management, and chair/membership of a remuneration committee.