Penfold vs. Royal London

Penfold is the tech-focused, engaging alternative to Royal London's basic out-of-the-box pension. Our pension experts and employee tools help your team understand, access, and make changes to their pension so they can take steps towards a happier, more financially secure future.

Penfold vs Royal London

Find the right workplace pension scheme for your organisation with a full pension feature and fee comparison


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 March 2020 to March 2023. 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

Royal London Comparison

A detailed look at what makes Penfold’s pension scheme different


A pension that cares about your employees’ experience

Online and in-person launches

Make a great impression and show the value of your pension scheme with an in-person or online pension launch.

Speak to an expert right away

We won’t leave you hanging. Get in touch via phone, email or Slack.

Solving pensions for good

We offer all the compliance, tax efficiency, and payroll support you need to build a pension that works for your organisation.


Help your employees secure a happier, more financially secure future

Financial wellbeing workshops

We run workshops that help our members understand how their pensions work and how they can save for later life.

Employee financial support

Guide your employees through the cost of living crisis and help them save for the future with tools to uncover their financial situation and outlook.

Tax efficiency support

Whether it’s through salary sacrifice or adjustments to contributions, we work closely with every customer to find the most tax-efficient set up for them.

Fund performance

Introduce your employees to a well-performing fund

Fund performance

Backed by HSBC and Blackrock, our well-performing fund delivered a stronger overall return on members’ savings than Royal London based on annualised returns between March 2020 - March 2023, even when considered net of fees.


How to choose a new workplace pension scheme

Step 1

Identify what you need from a pension scheme. Where has your previous provider fallen short? What should the pension do for you and your employees? Decide on the flexibility and features you need to support your employees 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 employees?

Step 3

Launch the scheme. Work with your new pension provider on a plan to introduce the scheme at your organisation and encourage as much employee engagement with their pension as possible. At Penfold, our account managers make the switch easy.

Join Penfold and bring financial wellbeing to your team

Give your team a top pension and boost their financial wellbeing

Boost your benefits package to keep and tempt the best talent

Get industry-beating account management at no extra charge

Book a Demo