Pension fees

All pension providers will charge a fee for managing 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 platform fee.

Find out more about how Penfold's fees compare 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 plans' costs are based on two factors: Penfold's administration fee and the cost of managing the investment fund.

Our Sharia pension plan is more expensive because of the charge of the underlying fund. This fee is paid to the investment manager, HSBC, here's the breakdown:

• 0.30% investment platform fee - paid directly to HSBC for investing your money
• 0.58% administration fee - paid to Penfold and partners for administering your pension
• If your pension pot size is larger than £100,000 your total fee is reduced to 0.53%. This is because we reduce our administration fee to 0.23% on the portion of savings over this amount.