Best UK Workplace Pension Providers Compared

What Makes the Best Workplace Pension?

Choosing the right workplace pension provider is one of the most important decisions for any business. Beyond meeting legal requirements, the best workplace pensions should streamline administration, provide excellent support, and empower employees to save confidently for their future.

In this guide, we compare the top workplace pension providers in the UK, helping you identify the best option for your business. From features to fund performance and fees, we’ve evaluated the top providers to make your decision easier.

The Top UK Workplace Pension Providers

The workplace pension market includes many options, but not all providers are created equal. To help you cut through the noise, we’ve focused on providers offering modern, effective solutions for businesses and employees alike. Here’s our list of the top workplace pension providers:

• Penfold
• Nest
• Smart Pension
• Cushon
• NOW: Pensions
• The People’s Pension
• Aviva
• Royal London
• Scottish Widows

Each provider offers unique features, pricing structures, and fund performance. Below, we’ve broken down what makes these pensions stand out across three key areas: business features, fund performance, and employee benefits.

Best Workplace Pension for Businesses

For businesses, the right workplace pension should be simple to manage and provide outstanding support. Features like dedicated account managers, compliance support, and payroll integrations are essential for reducing admin and meeting your obligations.

In independent ratings, Penfold stands out as one of the top-rated workplace pensions see our Trustpilot reviews and Workplace pension Defaqto rating, offering:

• A dedicated account manager for every business.
• Fully managed onboarding to save you time.
• Seamless payroll integrations.
• Compliance support to ensure peace of mind.

Other providers, such as Nest and Smart Pension, also offer payroll support, but fewer business-focused features like account managers or tailored compliance help.

Best Workplace Pension for Fees

Fees can significantly impact the value of workplace pensions. While some providers charge setup or admin fees, Penfold offers a no-cost solution for businesses:

• No business fees – saving you money.
• Transparent employee fees starting at 0.75%, with discounts for balances over £100k.

In contrast, providers like Smart Pension and People’s Pension charge setup fees or ongoing admin costs, which can add up for businesses.

Best Workplace Pension for Fund Performance

Fund performance plays a critical role in growing your employees’ pension pots over time. The chart below compares the simulated annualised gross and net returns of the Penfold Plan vs. annualised returns of peers’ default funds over 5 years to 31 March 2025:

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.

Penfold consistently delivers some of the highest net returns, ensuring your employees’ savings work harder. While other providers like NOW: Pensions and Standard Life lag behind in fund performance, Penfold combines strong returns with competitive fees.

Best Workplace Pension for Employees

A great workplace pension isn’t just good for your business—it’s also a valuable benefit for your employees. The best providers offer tools that empower employees to save effectively, with features like:

• Mobile apps for 24/7 access to savings.
• Sustainable and Sharia-compliant investment options.
• Retirement income forecasting and savings nudges.

Penfold leads in this category with an intuitive app, a wide range of investment funds, and tools like pension combining, savings goals, and financial wellbeing programs. Providers such as Aviva and Cushon also offer strong employee features but may lack the same breadth of tools or ease of use.

Why Choose Penfold as Your Workplace Pension Provider?

With its focus on modern businesses and employee empowerment, Penfold offers one of the most comprehensive workplace pensions in the UK. Here’s why thousands of businesses trust us:

• Seamless setup with fully managed onboarding.
• Dedicated account managers for ongoing support.
• High-performing funds and competitive fees.
• Tools and features that engage employees and encourage saving.

Why Penfold Could Be the Right Choice for Your Business

The right workplace pension can help businesses attract top talent, save time on admin, and provide employees with the tools to plan for a comfortable future. Penfold’s award-winning workplace pension includes all of this and more.

See why we’re trusted by thousands of businesses across the UK

Get Started Free or Request More Details

We created this guide to help employers compare pension providers. It’s based on publicly available information from provider websites as of [Month Year], along with feedback from businesses using Penfold. While we’ve aimed to present a fair and accurate comparison, features may change. Always confirm directly with providers for the latest information.