There are three quick steps to set up a new Penfold 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.
Pick a plan: Choose our smart pension plan that automatically adjusts investment risk as you approach retirement, or one of our other hand-picked funds that give you more control.
Add legal information: Finally enter your employment status, National Insurance number, title and gender and you're all set.
Choose how to add money to your new Penfold pension:
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.
That's it, now you can access all the features of your Penfold pension.
And much more!
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.