PensionBee Group plc

Hello, I'm Romy Savova, CEO of PensionBee. It is a pleasure to welcome you to our preliminary results presentation. For those of you who are new to the PensionBee story, we are a leading online pension provider in the UK. We exist to make pensions simple so that everyone can look forward to a happy retirement. We enable our customers to combine their pensions into one new online plan with money managed by the world's largest asset managers. We aspire to build a lifetime relationship with our customers, generating predictable and scalable revenue streams for our company and for our investors. Many of you will have joined us for our trading update in January and so will be familiar with the excellent results we delivered for the 2021 financial year. In addition to a brief recap of those results, which saw us achieving triple-digit revenue growth, we will update on our strategic positioning for 2022. First, I will provide an update on the market and competitive environment, sharing some insights about market size from the Office for National Statistics and our performance in the pension consolidation market relative to platforms and robo-advisors. My colleague Jasper, our Chief Marketing Officer, will then elaborate on our customer acquisition plans, while our Chief Design Officer Matt will demonstrate our pension-related product priorities for the first half of 2022. Our Chief Technology Officer Jonathan will provide an update on our technology estate. Finally, our Chief Financial Officer Christoph will share some more detailed financial information that illustrates our excellent retention rate, our cohort growth and the resilience of our revenue, which is a core feature of our business model alongside our excellent growth prospects. Turning to a recap of our financial results for 2021, our assets under administration increased to £2.6 billion, reflecting a compound annual growth rate of about 100%. That is a doubling in size every year for the period since 2018. Our invested customer base exceeded 117,000 and we maintain a healthy pipeline of over 650,000 registered customers, underscoring the growth story of PensionBee. Thanks to our predictable revenue model and high retention rate of over 95%, the growth in assets has translated into similar growth in revenue. Our annual run rate revenue increased to £16 million. Our revenue for the year increased to £13 million, reflecting a growth rate in excess of 100%. One of the core reasons our business is able to scale so rapidly is the sheer size of the market opportunity in the UK. In January 2022, the Office for National Statistics posted an update on pension wealth in Great Britain, confirming that the overall defined contribution pension market stood at one trillion pounds over the 2018 to 2020 period. Importantly, the ONS now provides one consolidated and detailed data extract to allow us to quantify the size of the pension consolidation market opportunity for Pension B. which consists of the primary types of pensions transferred by our customers to the Pension B personal pension, that is, preserved defined contribution pensions and active personal pensions. Based on the ONS market size estimates in the 2018 to 2020 period, there was over £700 billion in assets within the pension consolidation market. While PensionBee continues to grow rapidly, as at the end of 2021 it still only held 0.4% market share, leaving ample opportunity for further growth. Within this enormous target market, PensionBee's customer offering continues to resonate with consumers. The latest competitive market data from Boring Money, which assesses the quality of prominent platforms and robo-advisors, shows that PensionBee's quality of digital experience, customer service, and overall value for money is substantially above those of the average competitor. Indeed, PensionBee scores highly owing to the unique nature of its online pension consolidation offering, which is differentiated to those of other personal pension providers. In recognition of our differentiated customer offering, we received five Boring Money Awards in early 2022, including Overall Best Buy for Pensions. Our differentiated offering is well recognized in the consumer market, as demonstrated by the growing brand awareness of PensionBee. Our prompted brand awareness now stands at about 25%, demonstrating a healthy year-on-year increase of 44%. While we continue to make strides through our marketing activities, there is still ample opportunity for us to continue growing into a household name with brand awareness in the 80s. Of course, when it comes to growth, we seek to demonstrate our competitive advantage through results. Growth figures for AUA and customers continue to indicate that PensionBee is growing substantially more quickly than platform and robo-advisor peers. You will now hear from our CMO, Jasper Martens, who will expand on our strategy to maintain this excellent growth momentum.

Thank you, Romy. Hi, I am Jasper, CMO at PensionBee. I'm excited to share our customer acquisition plans for the year. PensionBee's marketing strategy in 2022 will largely be a continuation of what we did in 2021, alongside some extra activities where we have identified opportunities to effectively expand our reach. There are three key pillars for PensionBee's marketing strategy for 2022. 1. Accelerate our customer growth and marketing spend while monitoring the cost per invested customer. Cost per invested customer will rise in the first half of this year as we accelerate spend rapidly and subsequently decline towards the end of the year. as we reap the benefits of the growth in invested customers. We will use our top three channels, TV, out of home and paid search. And with the help of our new data platform, we will optimize within these channels and between them. Two, broadening our customer appeal even more with specific product marketing campaigns. Earlier, Romy pointed out that the addressable market for PensionBee in the UK is vast. At the same time, PensionBee's product is designed to appeal to a broad audience. Whether you're 18 or 80, PensionBee could be your new pension provider. Product innovations such as our mainstream fossil fuel free pension and easy contributions through open banking technology have paved the way for us to penetrate further into the pension consolidation market, attracting eco-conscious consolidators and self-employed individuals. Highlighting these specific innovations will make pension be irresistible for an even bigger audience, thereby driving customer growth. And three, building trust and customer reach through a strong media presence and educational campaigns. With our own in-house press office, we work with journalists, influencers and pension experts. It's one of the best ways to build a trustworthy brand and reach as many customers cost-effectively as we possibly can. we are increasingly introducing more educational content campaigns far beyond blogs and guides. Two great examples are Pension Confident podcast and our Pension Academy video series with Patricia Bright, reaching thousands of extra pension savers who want to engage with pensions in a simple manner. with 2022 off to an excellent start in growing new customers. We're looking forward to implementing our plan for the rest of the year. I would now like to hand over to my colleague Matt, our Chief Design Officer, who will walk you through our product plans.

Thank you, Jasper. Hello, I'm Matt, PensionBee's CDO, and I'm looking forward to showing you some of the exciting new features we're developing in 2022. Product and design at PensionBee continues to stay at the industry forefront. By developing the features our customers want in line with our business objectives, we've been able to continue to grow our customer base, increasing the amount customers are saving and improving efficiency, keeping our customers happy and our retention strong. A particular focus for PensionBee has been to grow our customer base of over 50s. We've recently launched in-app withdrawals, a first of its kind feature in the UK with the aim of attracting customers with larger pension pots and therefore AUA. After making the customer aware of important factors associated with withdrawing from their pension, We present them with an overview of their available funds and the ability to withdraw from their tax-free and or taxable cash as a one-off payment or as regular income. After ensuring they understand the risks involved in drawdown, they simply enter their bank account details and confirm. In addition to growing our customer base, we're growing our share of wallet. To that end, we're introducing relevant and contextual content based on customer actions and profiles into our products. By drip feeding targeted relevant content, we can help people manage their pension at the same time as improving their financial literacy in line with our vision and growing AUA through increased contributions alongside open banking and transfer of additional pensions to PensionBee. We've also prioritised features that provide scalability through reduced friction at points traditionally requiring manual intervention via the customer services team. By empowering customers to self-serve, we are reducing the time it takes them to complete tasks without requiring exponentially more staff members to support them with our growing functionality. Specifically, We've redesigned the top-level view customers see within the product to provide them with an improved at-a-glance understanding of their PensionBee pension. They will be able to see key information, like the amounts they are projected to have at retirement, and their plan's performance alongside their pension balance. We're providing an overview and breakdown of their pension, including all types of money coming into or out of their account. These figures can be filtered by time scale, including by tax year, for ease when filing end of year accounts. We've revised our product's information architecture in response to our customers' feedback to make finding key information easier. And we're improving our customers' understanding of their pension by surfacing more of the underlying factors that affect it, such as the types of industries companies invest in. These improvements are expected to reduce some of our top inbound queries, reducing the need to answer emails, live chats and phone calls, while delighting our customers with engaging and informative insights into their investments. Now I'll hand over to our Chief Technology Officer, Jonathan, for a technology update.