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.
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 4.7-star Trustpilot score, reflecting its superior service and features. Aviva is also a trusted provider with a 5-star Defaqto rating but holds a 4.3-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.
Fund Performance: Helping Employees Save More
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 Aviva’s “My Future Focus” fund, which returned 8.0% (gross) and 7.5% (net).
Penfold’s stronger returns mean employees’ savings grow faster, helping them be better prepared for later life compared to Aviva’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.
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.
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.
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.
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.
