A Modern Alternative to Aegon with Better Business Support
Penfold is a smarter, tech-driven alternative to Aegon, offering better business support at every step.
From seamless onboarding to advanced payroll tools and dedicated account managers, we’re redefining workplace pensions to save businesses time, reduce costs, and empowering employees to save for a comfortable later life.
Why Businesses Choose Penfold over Aegon
Penfold delivers more business-focused features than Aegon, giving you greater control and support:
- Designed for Modern Businesses
Penfold’s tech-driven platform is built to simplify pension management for businesses. From seamless compliance tracking to reduced admin time and automated payroll processing, Penfold helps businesses work smarter. While Aegon is a reliable option, its one-size-fits-all approach lacks the customisation and business-focused features Penfold offers.
- Hands-On Account Management
Every Penfold business benefits from a dedicated account manager who supports you through onboarding, payroll integration, and day-to-day queries. Unlike Aegon, which doesn’t offer this level of personalised service, Penfold ensures you have expert help whenever you need it.
- Highly Rated by Businesses and Savers
Penfold is rated 4.7 stars on Trustpilot, reflecting our commitment to exceptional service and support. Aegon, while dependable, scores 3.6 stars on Trustpilot. Both providers have 5-star Defaqto ratings, but Penfold’s higher customer satisfaction underscores our focus on delivering a better experience for businesses and their employees.
Fund Performance: Helping Employees Save More
Strong fund performance is key to building a secure financial future. Over the past five years, Penfold’s default fund, managed by BlackRock, has delivered annualised returns of 9.3% (gross) and 8.4% (net), outperforming Aegon’s returns of 9.0% (gross) and 8.4% (net).
Penfold’s high returns have meant that employees grew their savings faster, building a more secure financial future compared to Nest’s default plan.
Figures are net of investment fees but gross of provider fees. Past performance, actual or simulated, is also not a reliable indicator of future returns. All investments carry risk and your investment value can go up or down. Returns may increase or decrease as a result of currency fluctuations.
Figures for the Penfold Plan are based on a simulation, provided by BlackRock, of how the portfolio might have performed had these building blocks of the plan existed together over the last five years. It’s important to note that it cannot be definitively said exactly how this plan would have performed in the past. Simulations should not be taken as a guarantee of expected past or future performance, but are designed to be illustrative only. A full list of the assumptions made to generate the simulations is available and should be carefully considered.
The figures shown represent a weighted average of performance across 30 age cohorts (ages 36-65) to provide an overall view of member outcomes. Individual returns will vary depending on fund allocation at different points in a member’s investment journey, as well as personal fee structures. For consistency in comparison, returns have been estimated based on a typical pot size of £10,000 and an average salary of £30,000. Actual returns may differ due to factors such as specific employer-negotiated fees, individual pot sizes, and salary levels.
Returns are based on data collected by investment advisors DWA from a variety of sources, including individual providers and data published on Morningstar. Where possible, actual return data has been used; however, some assumptions were made based on underlying fund data due to availability limitations. The impact of charges has been applied on a monthly basis, which may create minor discrepancies with actual experience depending on the charging structure. DWA is happy to review and correct any discrepancies should further evidence be provided.
A Better Pension Experience for Employees
Employees deserve a workplace pension that’s enjoyable and makes saving easy. Here’s how Penfold compares to Aegon in delivering value to them:
- Engaging App
Penfold’s modern app puts employees in control of their pension, offering real-time insights into their savings, investment performance, and retirement goals. Aegon offers a basic app with limited functionality, while Penfold’s modern app allows employees to actively manage their pensions on the go.
- Easy for Employees, Easy for You
Getting stuck trying to solve clients and employees’ pension problems? Our app helps employees find and combine other pensions, and make changes to their pension independently.
- Focus on Financial Wellbeing
Penfold empowers employees with features like savings goals, nudges, and retirement income forecasts, helping them plan for a secure financial future. Aegon lacks these tools, offering fewer resources to support employees’ long-term financial wellbeing.
What Makes Penfold Stand Out?
- Unparalleled Support
With Penfold, businesses get access to expert support right away – no call centres, no hold music. Your dedicated account manager ensures everything runs smoothly, whether it’s compliance, payroll processing, or employee queries.
- Seamless Payroll Integrations
Penfold’s advanced payroll tech saves businesses time by automating contributions and ensuring accuracy. Nest offers basic payroll support but lacks the full suite of tools provided by Penfold’s platform.
- Employee-Centric Features
Penfold’s focus on financial wellbeing means employees get the tools and insights they need to save confidently for retirement. This level of employee engagement helps businesses attract and retain top talent.
Moving to Penfold involved a couple of Zoom meetings. Then, after everything was all set up, if I ever face issues, I email my account manager and almost always get a response within the hour.
How to Choose the Right Workplace Pension
Step 1: Assess Your Needs
Is your current provider falling short on support, compliance, or employee engagement? Identifying these gaps is key to finding a better solution.
Step 2: Compare Providers
Evaluate how providers like Penfold and Nest meet your needs. Look at key features, fund performance, and support services to find the best match for your business.
Step 3: Plan Your Switch
Once you’ve chosen the right pension, work with your provider to ensure a smooth transition. Penfold’s account managers ensure a smooth transition, working closely with you to make the switch effortless for you and your team.
