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A Higher-Performing, Feature-Rich Alternative to Aviva

Penfold and Aviva are two trusted workplace pension providers, but Penfold offers a standout solution with higher fund performance, superior customer ratings, and a user-focused experience. With no business fees, transparent employee charges, and hands-on support, Penfold provides a workplace pension that’s built to benefit both businesses and employees.

Penfold simplifies pension management with free setup, dedicated account managers, and streamlined tools for payroll and compliance, while empowering employees to save for a more comfortable later life.

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A mobile interface for Penfold's pension management app and a desktop interface for Penfold's pension processing platform. The mobile screen shows "Rose's Dashboard" with a total pot value of £12,994.54, options to transfer an old pension, and add money. There's also a prompt to combine an old pension and a forecast feature. The desktop interface welcomes back "Elevate Accounting Group" and prompts to upload files. Two dashed boxes offer to "Add employees only" or "Add pension payroll files" with drag and drop functionality. There are also options to download templates for enrolment and contributions, and a section for the last upload.

Why Choose Penfold Over Aviva?

Penfold delivers a smarter, more streamlined workplace pension experience with a range of features and benefits:

Higher Ratings and Recognition

Penfold boasts a 5-star Defaqto rating and an impressive 4.5-star Trustpilot score, reflecting its superior service and features. Aviva, while a trusted provider, holds a 4-star Defaqto rating and a 4.1-star Trustpilot score, indicating room for improvement in user satisfaction and independent evaluation.

No Business Fees

Penfold charges no fees for setup or ongoing management, providing businesses with a cost-effective solution. In contrast, Aviva charges £30–£50 monthly based on scheme size and proposition, making Penfold a more affordable choice for businesses of all sizes.

Dedicated Business Support

Penfold provides dedicated account managers who guide businesses through onboarding, compliance, and payroll integration, ensuring a seamless experience. Aviva offers support but lacks the same level of hands-on, personalised service, leaving businesses to navigate certain complexities alone.

A comparison table between Penfold and Aviva. Penfold offers a group personal pension, while Aviva offers a master trust. Penfold has higher ratings (Defaqto: 5 stars, Trustpilot: 4.5 stars) compared to Aviva (Defaqto: 4 stars, Trustpilot: 4.1 stars). Both provide comprehensive features like onboarding, compliance support, and payroll integrations. Penfold has no business fees, while Aviva charges £30–£50 monthly, depending on scheme size and proposition.

Fund Performance: Helping Employees Save More

Over the past five years, Penfold’s default fund, managed by BlackRock, has delivered annualised returns of 7.6% (gross) and 6.8% (net), outperforming Aviva’s “My Future Focus” fund, which returned 5.4% (gross) and 4.9% (net).

Penfold’s stronger returns mean employees’ savings grow faster, helping them be better prepared for later life compared to Aviva’s default plan.

This information should not be regarded as financial advice, and past performance is not a reliable indicator of future performance.

A bar chart comparing default fund performance for annualized returns over five years to 30 September 2024. Penfold shows higher gross returns (7.6%) and net returns (6.8%) compared to Aviva My Future Focus, which has gross returns of 5.4% and net returns of 4.9%. Penfold’s bars are highlighted in pink and dark blue, while Aviva’s are shown in gray.

Returns are based on data collected by investment advisors DWA from a variety of sources including individual providers and data published on Morningstar. These are annualised returns are based on data in the 5 years to 30 September 2024. Returns for Penfold are based on a customer being invested in our default Standard Lifetime plan. Competitor returns are based on customers invested in their default plans.DWA have estimated the Gross Returns based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000. DWA have estimated the Net Returns net of all costs and charges based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000.

Actual returns may vary depending on a variety of factors including specific costs negotiated by a member's employer, actual pot size and actual salary. Where possible we have used actual return series available, though in assumptions have been made based on the underlying funds because of poor data availability and this may also result in some variance. The effect of charges have been applied to the return series on a monthly basis via a subtraction/addition of the proportionate amount, this may create small discrepancies with actual experience depending on charging structure. DWA are happy to correct any discrepancies should evidence be provided.

Advanced Tools for Employees

Penfold goes beyond basic pension management, delivering tools and features that empower employees to take control of their savings:

Modern, Intuitive App

Both Penfold and Aviva offer apps, but Penfold’s app is designed to maximise employee engagement. Employees can track their savings, set goals, and combine pensions with ease—features that are essential for keeping them connected to their financial journey.

Comprehensive Financial Wellbeing Tools

Penfold provides features like savings nudges, shareholder voting, retirement income forecasts, and education programs, helping employees feel more confident and in control. Aviva lacks key tools like savings nudges and shareholder voting, making its offering less comprehensive.

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.

A comparison table between Penfold and Aviva. Both offer 10 investment funds, an app, sustainable and Sharia funds, retirement income forecasts, and shareholder voting. Penfold additionally provides savings goals, savings nudges, and an education program, which Aviva lacks. Penfold charges an annual management fee of 0.75% (0.88% for the Sharia plan), while Aviva charges 0.30% or prices individually. Neither has additional employee fees.

What Makes Penfold Stand Out?

Outstanding Ratings

Penfold’s high Trustpilot and Defaqto ratings highlight its superior features and service quality compared to Aviva.

Hands-On Support

From onboarding to ongoing management, Penfold provides dedicated account managers who ensure businesses and employees get the support they need. Aviva’s less hands-on approach can leave businesses to handle challenges alone.

Employee Engagement

Penfold’s financial wellbeing tools, interactive features, and focus on savings goals make it easier for employees to engage with their pensions, improving satisfaction and retention.

A composite image featuring a laptop and smartphone displaying Penfold’s pension management interface, alongside two colleagues working together in an office setting. The laptop screen shows an employee management dashboard, while the phone displays a personal pension overview. In the background, a man in a yellow sweater works on a laptop, and a woman holding a coffee cup smiles while engaging with him. The setting is a modern, well-lit office.

Penfold's user-friendly approach and transparency revolutionised how we manage pensions for our clients.

Penfold has come in and changed the space, showing that we could have a pension that was user friendly as well. It's really adding value to not only the employers themselves but the employees of those employers.

The app is the big selling point with Penfold, having a nice clean UI that’s easy to understand for people because the vast majority of people aren’t pension literate.

Ben Nacca

Founder of Cone Accounting

How to Choose the Right Workplace Pension

Step 1: Assess Your Needs

Identify your priorities. Are you looking for higher fund performance, cost savings, or better employee engagement?

Step 2: Compare Providers

Evaluate features, fees, and support from Penfold and Aviva to find the best match for your business and employees.

Step 3: Make the Switch

Penfold’s dedicated account managers handle every aspect of onboarding, ensuring a smooth transition with minimal disruption.

Why Businesses Are Switching to Penfold

Save Time

Automate payroll and pension contributions.

Boost Compliance

Stay on top of regulatory requirements effortlessly.

Support Employees

Offer a pension scheme that’s easy to use and engaging.

Ready to upgrade your workplace pension? Join thousands of businesses already transforming their schemes with Penfold.

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