Penfold's Fees

If your pot is larger than £100,000, then the portion of your savings that are over this amount will be charged a reduced fee.

If you've selected any of our four Standard plans or Sustainable plan, your reduced annual management fee is 0.4%.

If you've selected our Shariah plan, your reduced annual management fee is 0.53%.

To learn more about our fees, head here.

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.

Penfold will automatically deduct your annual fee from your pension and split it with your money manager and our partners for administering and investing your pension.

Our annual management fee is taken from your pension pot in 12 monthly instalments. We calculate the fee every day based on the average value of your pension pot, add it together at the end of the month, and charge it around the 12th of the following month.

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 annual management fee includes all transaction and fund manager fees that are involved with managing and investing your pension. Your total fee is comprised of a fund manager fee and an administration fee.

The fund manager fee includes all investment transactions and is paid directly to the money managers, HSBC or BlackRock.

The administration fee covers all pension related functionality, such as transferring pensions and managing your scheme, and is paid to Penfold and its partners.

To find out more about the fee breakdown, head here.