The pension for
the self‑employed

When your money is sent to us, it is part of your pension.

Your money is held in your name in a special client money account with Lloyds bank, so it is separate from any of Penfold’s money.

To be extra safe, we use a third party to manage these accounts, who are also regulated by the FCA. Their job is to hold your money and invest it in the plan you have chosen. Those plans are managed either by BlackRock or HSBC, two of the world’s largest money managers.

The Penfold Pension is operated and administered by Gaudi Regulated Services Limited, who are authorised and regulated by the Financial Conduct Authority. If something happened to Penfold, your pension would still exist, and Gaudi would get in touch to explain how you manage it in the future. If somehow there was no Penfold online portal, you could move your money to a different pension provider for no charge. Penfold is also FSCS protected, so in the event BlackRock, HSBC or Lloyds bank became insolvent, your pension is protected up to £85,000 per individual with an eligible claim.

We hate hidden fees and you probably do too. The only fee you will be charged while you are saving for retirement with Penfold is the Annual Fee of 0.75% of your total savings. This includes fund manager charges of 0.17%.  

So if you have £1,000 in your pot for a whole year then the total fees would be £7.50 that year. This absolutely everything, from setting up your pension online, helping you decide how much to save, investing it, keeping it safe, adding your tax relief, and even helping you track down and combine all your old pension pots.

Although not guaranteed, you might expect your money to grow about 5% per year on average over the long term when it is invested through your pension. So to put those fees in context, that example pot of £1,000 might grow in value by £50 each year, with only £7.50 deducted in fees.

When you pay money into your pension, it is kept entirely separate from any of Penfold's own money. It is held in your name in a Lloyds Bank Account specifically for 'client money', which is controlled by a regulated third party custodian. From there, it is invested in fund managed by Blackrock, one of the worlds largest money managers.

You can read more about how Blackrock manages your money, by clicking the link below.

The Penfold Pension is operated and administered by Gaudi Regulated Services Limited, who are authorised and regulated by the Financial Conduct Authority. If something happened to Penfold, your pension would still exist, and Gaudi would get in touch to explain how you manage it in the future if somehow there was no Penfold online portal. You could move your money to a different pension provider for no charge. Penfold is also FSCS protected, so if something happened to Penfold, Gaudi and BlackRock, your money is guaranteed by the government up to £85,000.

Yes. Penfold is a trading name of Penfold Savings Ltd, our FCA number is 826097. Your pension is administered by Gaudi Regulated Services Ltd, their FCA number is 488015. 

Yes. Penfold is for anyone who is self-employed, and this absolutely includes anyone who is a Director of Limited company. You can make 'employer' contributions into your Penfold Pension, and these usually count as a company expense and would therefore reduce your corporation tax bill. You should discuss this with your accountant as individual tax circumstances may vary.

Penfold is designed for maximum flexibility, so you can pause or stop your contributions at anytime, make one-off topups, or set up regular payments - whatever you like. There is no minimum deposit when you set up your pension, and you can pay nothing each month if you like. If you do make a contribution, the minimum amount we can process is £10.

Yes. We can help you track down and consolidate all your old pension pots. Just click the "Find and Combine" button when you've set up your account, provide what information you can, and we'll get started. We'll keep you informed every step of the way.

This is the killer question! If you sign up for Penfold, we’ll help you figure this out by applying some helpful rules of thumb and making some assumptions about what sort of life you want to live when you’re a bit older. Have a play with our calculator, here