National Insurance Hike: Read our update
One simple fee. No hidden charges
We hate hidden charges. That’s why we have one fair, transparent annual fee that covers absolutely everything within our service.
Completely free for employers
We don’t charge employers any fees to use Penfold. We only receive fees from your employees based on the value of their pensions and we keep charges low for them too.
For employers there are:
No account fees
No management charges
No contribution charges
No adviser fees
One fee covers everything for savers
Our plans offer a simple fee structure based on how much is saved in each pension pot and there are no charges on new contributions or to switch between plans.
Lifetime, Standard and Sustainable plans
Charge 0.75% for savings up to £100k, and 0.4% on any amount over £100k.
Sharia plan
Charges 0.88% for savings up to £100k, and 0.53% on any amount over £100k.
When pension fees are charged
Our annual fee is automatically taken from pension pots in 12 monthly instalments. The fee is split between:
Penfold
For administering your pension.
BlackRock or HSBC
For managing your pension, taken directly from the investment fund.
Everything's included
Our annual fee covers absolutely everything (read the Charges Guide for more detail) within Penfold’s pension service:
Setting up a pension
Transferring pensions into, or out of, Penfold
Making any type of contribution
Switching between our investment plans
Management of your funds by BlackRock or HSBC
Withdrawals after reaching retirement age
You won’t find any other hidden fees buried elsewhere.
More benefits of our pension
Fund options
Hand-picked, diversified pension plans managed by BlackRock and HSBC funds that help grow wealth.
Salary sacrifice
Cut your business and employees National Insurance bill with free-of-charge salary sacrifice consultation and implementation.
Single savings view
Combine pensions into one account to see total pension savings and get a clear view of projected retirement lifestyle.
Protection
Peace of mind that savings are FSCS protected and invested by some of the largest money managers in the world.
Charges and fees FAQs
We calculate the fee every day based on the average value of a pension pot, add it together at the end of the month, and charge it around the 12th of the following month.
All pension providers will charge a fee for administering your pension. Other pension providers may quote a headline annual management fee, but in the small print there are underlying or hidden fees for pension-related activity, such as transferring your pensions, requesting documents or exiting.
Penfold includes all costs and charges inside of its one, fair annual management fee. This includes the fund management fee from BlackRock or HSBC.
Find out more about how Penfold compares to other providers.
We offer a completely free transfer service, so there are no charges incurred on our side. However, your old provider may charge you an exit fee if you leave their scheme and transfer over to another provider. That's why it is important to compare providers’ fees & any guaranteed benefits when deciding on whether to transfer, and be sure that the investments available are suitable for you.
And, if you decide to close your Penfold pension and the value of the pot that you transferred over to Penfold has gone down, the amount returned to the pension provider may be less than what you originally transferred. For more information on the risks see here.
Our single, all-in fee is made up of a pension administration fee plus an investment management fee, which is deducted directly by the fund manager, for managing your money.
Pension administration fee, paid to Penfold and our partners for administering your pension:
- For amounts under £100k - 0.58%.
- On the portion of savings over £100k - 0.23%.
Investment platform fee, for investing your money:
- Lifetime, Standard and Sustainable plans - 0.17%, paid to BlackRock.
- Sharia plan - 0.30%, paid to HSBC.
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