Pension contributions
We've designed Penfold be completely flexible. If you decide to contribute, payments can be adjusted or paused any time.
Contribute flexibly
Penfold is designed to be tailored to your finances. If you decide to make contributions, you can adjust, top-up, or pause payments any time online or in our app.
- We give you the option to set up a recurring monthly contribution or make one-off payments whenever you like.
- You can add money by Direct Debit, instant payment using Open Banking, bank transfer or standing order.
- Unlike some providers we allow you to save as much or little as you'd like - there are no minimum contribution or payment restrictions.
Exploit pension tax benefits
Personal: 25% bonus
Private pension savers receive a 25% government tax bonus on pension contributions. We'll automatically claim this and add it to your account.
Private pension tax relief explainedSelf-employed: Tax-free
Business pension contributions can be claimed as an expense, therefore savings into a Penfold account can be made tax-free.
Self-employed contributions guideCompany: Cut tax
Limited company pension contributions are deductible from corporation tax. You can save 19-25% dependant on your company profits.
Limited company contributions guideTax treatment does depend on your individual circumstances & may be subject to change in the future.
Decide how much to save
Knowing how much to save can be half the headache with a pension but we've got you covered.
Use our pension calculator to help you decide how much to save into your Penfold pension. Simply enter your:
- Age
- Yearly earnings
- Current pension pot amount
We'll indicate how much to save now and what you should expect to get later when you retire.
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