Payment from State Street Global Advisors

RNS Number : 9706C

PensionBee Group plc

24 June 2021

 

24 June 2021

PensionBee Group plc

Update re Payment from State Street Global Advisors

PensionBee, a leading online pension provider, is pleased to confirm it has been advised to expect receipt of approximately £724,000 from State Street Global Advisors by 2 July 2021.

The payment relates to an error made by FTSE Russell in the composition of the FTSE All Share ex Controversies, ex CW index for the period 18 November 2020 to 5 February 2021. The error affected numerous funds offered by State Street Global Advisors to its clients, including one fund offered to PensionBee.

As documented in its April 2021 Prospectus, PensionBee had already taken steps to ensure that its own customers were not adversely affected by FTSE Russell's error during this period. In March 2021, PensionBee paid approximately £664,000 for the balances of its customers who were affected by the FTSE Russell error over the period, to be restored. As such, PensionBee's customers did not suffer any financial loss despite this error by FTSE Russell.

PensionBee continued its dialogue with State Street Global Advisors over the past few months, in an attempt to recover the total sum that was paid out to its customers in March 2021 and is now pleased to draw a positive and conclusive end to this matter.

PensionBee intends on investing the payment from State Street Global Advisors in its ongoing growth and product development activities.

Enquiries

Tulchan Communications

(Public Relations advisor to PensionBee)

James Macey White, Elizabeth Snow

[phone]

 

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