Penfold gave us so much more support than Smart Pension. I was worried getting the whole team set up would be stressful but the Penfold team sorted everything out for us.
Pok Hay Ng
People Lead at Elvie
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Pensions for Businesses & Employees
Compare Penfold and Smart Pension
Penfold revolutionises workplace pension management for progressive accounting firms with our tech-driven platform. Enhance your service offering with streamlined, efficient processes and unparalleled support, including dedicated Account Management.
Empower employers with a pension that engages their teams and attracts top talent, while offering employees a savings experience designed to help them reach their retirement goals.
Why businesses choose Penfold over Smart Pension
Time-saving and compliant processing
Streamlined payroll
Save time and improve the quality of your client service by quickly and easily running payroll contributions with our advanced tech.
Effortless compliance
Stay in control and ensure compliance with total visibility over contributions, opt-outs and payments.
* Comparison information updated August 2024
Unparalleled support and service
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
Let clients show the value of their pension scheme with an in-person or online pension launch for employees.
Zero hidden charges and top reviews
Free for businesses
We don’t charge businesses any fees to use Penfold. We only receive fees from employees based on the value of their pensions and we keep charges low for them too.
Well reviewed
There’s no better proof than hearing from people that use our pension. We’re proud that our customers have given us an Excellent rating on Trustpilot.
Fund performance
Managed for by BlackRock, our default fund delivered a stronger overall return on members’ savings than Smart Pension based on data from July 2019 to August 2024.*
*This information should not be regarded as financial advice and past performance is not a reliable indicator of future performance.
These returns are based on data collected by investment advisors DWA from a variety of sources including individual providers and data published on Morningstar. The returns for Penfold are based on a customer being invested in our Standard Lifetime (default) plan. The competitor returns are also based on customers invested in their default plans. DWA have estimated the Returns (Gross) based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000. These are annualised returns are based on data from 31 July 2019 to 30 June 2024. DWA have estimated the Returns (Net of fees) 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. Past performance is not indicative of future returns. The value of investments can rise and fall, you may get back less than you put in.
An engaging pension employees appreciate
A dedicated app
Penfold’s app shows employees how their pension fund is performing, how they’re tracking to saving goals, and how their funds are being invested.
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.
* Comparison information updated August 2024
How to choose a new workplace pension scheme
Step 1
Identify what you need from a pension scheme. Where has your current provider fallen short? What should the pension do for you, your client and their employees? Decide on the support and features you need long-term.
Step 2
Explore your options. Which providers meet your requirements, and which providers exceed them? What support do they offer to help you get the pension set up, or is it up to you to communicate with clients and employees?
Step 3
Launch the scheme. Work with your new pension provider on a plan to introduce the scheme at your business and clients, encouraging employee engagement with their new pension. At Penfold, our Account Managers make the switch easy.