How it works
There are three quick steps to set up a new Penfold account.
Step 1: Get an account
Sign up: Get a free account online or with our app - simply give us your email address, set a password and enter a few personal details to get an account.
Add legal information: Enter your employment status, National Insurance number, title and gender and you're all set.
Step 2: Add money
Choose how to add money to your new Penfold pension:
- Add an existing pension: Transfer and combine old pensions from other providers to keep everything together in one, easy to manage fund.
- Or pay in some cash: Set up a one-off or recurring payment into your pension and benefit from tax relief on your contributions.
Alternatively, you can add another payment method or start a pension transfer after you're set up.
If you're unsure on how much to save for retirement, our pension calculator can help.
Step 3: Done
That's it, now you can access all the features of your Penfold pension.
- Dashboard and activity: See your total pension value, current annual savings versus your goal and the full history of your contributions.
- Grow your wealth: See the performance of your pension plan and where your money is invested. View our other plans and change instantly.
- Pension transfer service: Enter a few details of your old policy and our transfer specialists will take care of the paperwork.
- Flexible contributions: Optionally top-up your savings, adjust or pause at any time in a couple of taps.
And much more!
Later: Withdraw with ease
Once you reach 55 (or 57 from 2028 onwards) you can withdraw from your Penfold pension.
There are no restrictions on how you take your Penfold pension - you can go into drawdown, take a lump sum or purchase an annuity.
The withdrawal process is entirely digital, so there's no hassle with forms on your behalf.
When deciding on whether to transfer it's important to compare providers’ fees, any guaranteed benefits, and be sure that the investments available are suitable for you. We cannot accept defined benefit pension transfers. If you decide to close your Penfold account and the value of your pot has gone down, the amount returned to the provider may be less than what you originally transferred.
Please know that if your employer is paying into your pension currently, transferring that pot may mean you lose out on their contribution. For more information on the risks see here.
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