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Top-Rated Alternative to Cushon with Higher Fund Returns

Penfold and Cushon are both strong workplace pension providers, but Penfold stands out with better fund performance, a higher Defaqto rating, and more employee-focused tools.

With a simple fee structure, superior ratings, and higher net returns, Penfold empowers businesses while helping employees to save enough to be comfortable in 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 Businesses Choose Penfold Over Cushon?

Highly Rated

Penfold’s 5-star Defaqto rating highlights our outstanding features and independent recognition, while our Trustpilot score reflects real customer satisfaction with our service. Cushon’s lower Defaqto rating shows they have room for improvement in some areas.

Streamlined Payroll with Advanced Tech

Save time and improve the quality of your client service by quickly and easily running payroll contributions with our advanced tech.

Seamless Compliance Made Simple

Stay in control and ensure compliance with total visibility over contributions, opt-outs and payments.

A comparison chart between Penfold and Cushon pension providers. Penfold offers a group personal pension with a 5-star Defaqto rating and a 4.5-star Trustpilot rating, while Cushon offers a master trust with a 4-star Defaqto rating and a 4.6-star Trustpilot rating. Both have no employer or adviser fees and provide services like managed onboarding, compliance support, salary sacrifice support, payroll integrations, payroll processing, and pension benchmarking. Penfold also includes a dedicated account manager and launch events.

Fund Performance: Helping Employees Save More

Fund performance plays a critical role in helping employees grow their pension savings. 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 Cushon’s My Future Focus fund, which returned 7.0% (gross) and 6.4% (net).

Penfold’s stronger fund performance not only benefits employees by growing their savings faster but also reinforces your business’s commitment to supporting financial wellbeing.

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

A comparison chart of default fund performance between Penfold and Cushon (My Future Focus) over 5 years to 30 September 2024. Penfold’s gross returns are 7.6%, higher than Cushon’s 7.0%. Penfold’s net returns are 6.8%, compared to Cushon’s 6.4%. The chart uses colored bars to visually highlight the differences in annualised returns, showcasing Penfold’s superior performance.

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.

A Pension Experience Employees Appreciate

A Dedicated App

Penfold’s app allows employees to monitor savings in real-time, make contributions on the go, and access personalised financial insights - all with an intuitive, user-friendly interface.

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.

Built to Improve Financial Wellbeing

Our app was created to improve employees’ financial wellbeing, by giving them all the information they need to save for a financially secure future.

Lower Fees For Large Pension Pots

While Cushon offers a slightly lower base fee (0.65%), Penfold’s reduced rates for larger pots and transparent, no-hidden-fee structure provide greater long-term value as employees’ savings grow.

A comparison chart between Penfold and Cushon pension providers. Both offer an app, sustainable and Sharia funds, and features like finding and combining pensions, savings goals, savings nudges, retirement income forecasts, financial wellbeing programs, and education programs. Penfold provides 10 investment funds, while Cushon offers 12. Employee annual management charges: Penfold at 0.75% (lower rates for balances over £100k), and Cushon at 0.65%. Neither has additional employee fees. Both providers have extensive features.

What Makes Penfold Stand Out?

Higher Ratings

Penfold’s 5-star Defaqto rating reflects its strong offering and quality of service, while its Trustpilot rating demonstrates customer satisfaction with its personalised support and modern tools.

Speak to an Expert Right Away

We’re here to support you throughout payroll processing with hands-on support from a dedicated expert. No call centres and no hold music.

Online and In-Person Launches

Penfold helps businesses showcase the value of their pension schemes through online or in-person launches, increasing employee engagement and satisfaction.

With better ratings, advanced tools, and expert support, Penfold delivers a workplace pension that works for both businesses and employees.

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 where your current provider falls short. Do you need better support, no business fees, or features to boost employee engagement?

Step 2: Compare Providers

Evaluate how Penfold and Cushon match your business needs. Look at fees, fund performance, and support to choose the best fit.

Step 3: Plan Your Switch

Penfold’s account managers handle every step of the transition, from setup to launch, ensuring minimal disruption to your business.

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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