Business
Announcement of Proposed US Expansion
Announcement of Proposed US Expansion.
About this update from Pensionbee Group Plc
[{"type":"text","content":"\n\nPensionBee Group plc\nIncorporated in England and Wales\nRegistration Number: 13172844\nLEI: 2138008663P5FHPGZV74\nISIN: GB00BNDRLN84\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the 'UK MAR') which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n\n \n4 March 2024\n \nPensionBee Group plc\n \nAnnouncement of Proposed US Expansion\n \nPensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, today announces it has entered into an exclusive, non-binding term sheet with a large, US-based global financial institution in order to expand into the United States of America ('US'). The US has the world's largest Defined Contribution pension market, representing approximately 80% of the global total and $22.5 trillion in assets.1\n \nUnder the proposed strategic relationship, PensionBee will deliver the US service through PensionBee Inc, to be established in Delaware as a wholly-owned subsidiary of PensionBee Group plc, with operational headquarters in New York.\n \nPensionBee will manage the operations of the US business, including the hiring of a local team, making available its award-winning online retirement proposition and UK-based proprietary technology to consumers in the US Defined Contribution market. PensionBee will enable US consumers to easily consolidate and roll over their 401(k) plans into a new Individual Retirement Account ('IRA').2\n \nThe US-based partner will provide its expertise and substantial marketing funding. Correspondingly, PensionBee's financial contribution will be financed from the existing resources of PensionBee Group plc.\n \nEntry into a final binding agreement between the parties is subject to confirmatory due diligence, legal documentation and regulatory approvals, with launch expected in late 2024.\n \nIn the UK, following close to a decade of operations, PensionBee will continue to grow its market share in the £1 trillio...