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Pension contributions

We've designed Penfold be completely flexible. If you decide to contribute, payments can be adjusted or paused any time.

Pension contribution type and payment type screens in the Penfold app

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 explained

Self-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 guide

Company: Cut tax

Limited company pension contributions are deductible from corporation tax. £1,000 saved into a pension will reduce a tax bill by £190.

Limited company contributions guide

Tax treatment does depend on your individual circumstances & may be subject to change in the future.

Pension calculator to calculate contributions screens in the Penfold app

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:

  1. Age
  2. Yearly earnings
  3. Current pension pot amount

We'll indicate how much to save now and what you should expect to get later when you retire.

Pension calculator

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