Best UK Workplace Pension Providers Compared
Compare the UK’s top workplace pension providers to find the right scheme for your business and employees.
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Why choosing the right workplace pension matters
Choosing a workplace pension provider isn’t just about ticking a compliance box. It’s a long-term decision that can save your business time and money – while helping your team build a secure financial future.
Whether you're setting up a pension for the first time or reviewing your current scheme, this guide will walk you through the key features, fees, and fund performance of the top UK workplace pension providers – so you can find the right fit for your business.
What to look for in a workplace pension provider
Before getting into the comparison, here are the top things to consider when choosing a provider:
- Ease of setup: Can you get up and running quickly, even without a payroll team?
- Ongoing support: Will you get help with onboarding, auto-enrolment and compliance?
- Fees: What will it cost your business – and your employees?
- Fund performance: Are the investments actually growing pension pots?
- Payroll compatibility: Does it work with your existing software?
- Employee experience: Will your team find it easy to use and understand?
A great workplace pension helps attract and retain top talent – and takes the admin headache off your plate.
The top UK workplace pension providers
There are many providers in the UK, but not all are created equal. We’ve compared the top options based on their value to employers and advisors – as well as employees:
- 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.
Penfold is one of the highest-rated workplace pension providers, with:
- Top rated service, tailored to your needs.
- Fully managed onboarding.
- Seamless payroll integrations.
- Proactive compliance support.
Other providers may offer basic setup – but lack the dedicated help and hands-on service that makes managing pensions effortless.
See our Defaqto 5-star rating →
Best workplace pension for fees
With Penfold, there are no fees for employers or advisors. For employees:
- 0.75% annual management charge (reduced to 0.40% for balances over ÂŁ100k).
- No setup fees or hidden costs.
- Transparent pricing, always.
Compare that with other providers like Smart Pension or People’s Pension, who charge setup or monthly admin fees that add up quickly.
Best workplace pension for fund performance
Fund performance plays a critical role in growing employees’ pension pots over time.
The simulated annualised gross and net returns of the Penfold Plan outperform the 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.
Employees love Penfold’s:
- Intuitive mobile app.
- Range of investment options (incl. sustainable and Sharia-compliant funds).
- Pension combining tools.
- Savings nudges and forecasting.
- Financial wellbeing support.
Engaged employees = better retirement outcomes and fewer admin queries for you.
Why thousands of businesses choose Penfold
Penfold is built for modern businesses who want to offer something better. With Penfold, you get:
- Seamless onboarding.
- Top-rated support, tailored to your needs.
- Transparent fees and top performance
- Tools and features that engage employees and encourage saving.
Thousands of businesses trust Penfold to deliver a pension experience that’s easy, supportive, and built for the future.
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This guide is based on publicly available information from provider websites as of July 2025, plus feedback from Penfold users. We’ve aimed to present a fair, accurate comparison – but features may change. Always check directly with providers before making your final decision.
FAQs About Workplace Pensions
A workplace pension is a retirement savings scheme set up and managed by an employer. It’s legally required for eligible employees and includes contributions from both the employer and employee.
Popular providers include Penfold, Nest, Smart Pension, The People’s Pension, NOW: Pensions, Aviva, Royal London, Scottish Widows, and Cushon.
It varies. Some providers charge employers setup or admin fees, while others (like Penfold) are free for businesses. Employees typically pay an annual management fee – capped at 0.75% by law.
Penfold is one of the top choices for small businesses due to its no-cost setup, easy onboarding, and support for director-only schemes.
Choose a provider, assess your employees, register with The Pensions Regulator, and communicate with your team. With Penfold, setup is fully managed – we guide you every step of the way.