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The key to scaling your business lies in the strength of your team. This means finding great staff and then keeping them engaged.
Your workplace pension could be your most underutilised tool for attracting the best talent and retaining them.
Our survey of 2,000 UK working adults and 500 UK small and medium sized enterprises (SMEs) has revealed significant discrepancies between how companies and their teams think about the most expensive employee benefit in their package: their workplace pension.
The survey found that 90% of employees consider their workplace pension when deciding if they should remain in their current job.
Penfold can give you everything you need to transform your scheme into one your employees will value and stick around for.
Our survey also found that, while employees may appreciate their pension, in many cases, they don’t understand basic details about their schemes.
Many businesses, meanwhile, fundamentally underestimate their importance. In such a scenario neither employee or employer is getting value from their workplace pension.
Penfold offers onboarding sessions with real clarity, to ensure employees understand and engage with their pension. And if a company is providing their people with a better benefit, according to our survey, those employees are more likely to stay.
Not all pensions are the same. According to our survey there are significant opportunities for employers to differentiate their pensions provision to attract and retain staff.
Convenience and visibility are big issues. Almost a third (32%) of working age people say that being able to check their pension pot whenever they want is what they care most about. Transparency as to how funds are invested is a critical issue for almost one in five (19%).
The Penfold app puts their pension in their pocket – on their phone, with a clear view of how much they’ve got and how their saving is going. It also shows them which industries their pension is invested in.
Building a best-in-class workplace pension scheme requires your team to appreciate the value of it.. However there is often a widespread lack of knowledge about the basic details of a scheme.
Our survey revealed that close to half of employees want financial education such as retirement planning. This presents a significant opportunity for employers to step in and meaningfully improve the wellbeing of their teams.
Penfold provides comprehensive onboarding sessions, webinars where no amount of questions are too many, and ongoing, easy accessible customer support is available.
Find out more about Penfold's pension for HR teams.
Our employees want a pension experience that matches how they manage the rest of their finances. And Penfold is just that - there is so much to do on the app from making contributions to seeing exactly where your pension is invested!
Alex Perkins
Senior People Operations Partner at Cuvva
Our employees are benefiting from a scheme that gives them full visibility into how much they’re saving, where their pension is invested in and that ultimately allows them to self-serve wherever possible.
The support offered by Penfold on the implementation and day-to-day support has been superb, and reduced the amount of work that the finance team had to do previously.
Mobeen Rasheed
Head of Finance at Attest
Penfold offers great customer service to ourselves as Payroll Managers but also to our employees, who value the app experience.
Implementing Penfold has led to a decrease in our negative ticket numbers and we have far less payroll corrections to facilitate.
Michaela
Senior Payroll Expert at Deel
Discover the benefits of a tailor-made, engaging workplace pension
Learn how we stack up against other workplace pension providers
Give your team a top pension and boost their financial wellbeing
Boost your benefits package to keep and tempt the best talent
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