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A Modern Alternative to Nest with Better Business Support

Penfold is a smarter, tech-driven alternative to Nest, offering better business support at every step.

From seamless onboarding to advanced payroll tools and dedicated account managers, we’re redefining workplace pensions to save businesses time, reduce costs, and empowering employees to save for a comfortable later life.

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A mobile interface for Penfold's pension management app and a desktop interface for Penfold's pension processing platform. The mobile screen shows "Rose's Dashboard" with a total pot value of £12,994.54, options to transfer an old pension, and add money. There's also a prompt to combine an old pension and a forecast feature. The desktop interface welcomes back "Elevate Accounting Group" and prompts to upload files. Two dashed boxes offer to "Add employees only" or "Add pension payroll files" with drag and drop functionality. There are also options to download templates for enrolment and contributions, and a section for the last upload.

Why Businesses Choose Penfold over Nest

Penfold delivers more business-focused features than Nest, giving you greater control and support:

Designed for Modern Businesses

Penfold’s tech-driven platform is built to simplify pension management for businesses. From seamless compliance tracking to reduced admin time and automated payroll processing, Penfold helps businesses work smarter. While Nest is a reliable option, its one-size-fits-all approach lacks the customisation and business-focused features Penfold offers.

Hands-On Account Management

Every Penfold business benefits from a dedicated account manager who supports you through onboarding, payroll integration, and day-to-day queries. Unlike Nest, which doesn’t offer this level of personalised service, Penfold ensures you have expert help whenever you need it.

Highly Rated by Businesses and Savers

Penfold is rated 4.4 stars on Trustpilot, reflecting our commitment to exceptional service and support. Nest, while dependable, scores 4.0 stars on Trustpilot. Both providers have 5-star Defaqto ratings, but Penfold’s higher customer satisfaction underscores our focus on delivering a better experience for businesses and their employees.

A comparison chart between Penfold and Nest pension providers. Penfold offers a group personal pension, and Nest offers a master trust. Both have a 5-star Defaqto rating, but Penfold’s Trustpilot rating is 4.4, compared to Nest’s 4.0. Penfold provides all listed services, including a dedicated account manager, managed onboarding, launch events, compliance support, salary sacrifice support, payroll integrations, payroll processing support, and pension benchmarking. Nest lacks all these features. Both have £0 business fees.

Fund Performance: Helping Employees Save More

Strong fund performance is key to building a secure financial future. Over the past five years, Penfold’s default fund, managed by BlackRock, has delivered annualised returns of 7.6% (gross) and 6.8% (net), outperforming Nest’s returns of 7.2% (gross) and 6.4% (net).

Penfold’s high returns have meant that employees grew their savings faster, building a more secure financial future compared to Nest’s default plan.

This information should not be regarded as financial advice and past performance is not a reliable indicator of future performance.

A chart comparing the default fund performance of Penfold and Nest over 5 years to 30 September 2024. Penfold’s gross returns are 7.6%, outperforming Nest’s gross returns of 7.2%. Penfold’s net returns are 6.8%, also higher than Nest’s net returns of 6.4%.

Returns are based on data collected by investment advisors DWA from a variety of sources including individual providers and data published on Morningstar. These are annualised returns are based on data in the 5 years to 30 September 2024. Returns for Penfold are based on a customer being invested in our default Standard Lifetime plan. Competitor returns are based on customers invested in their default plans.DWA have estimated the Gross Returns based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000. DWA have estimated the Net Returns net of all costs and charges based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000.

Actual returns may vary depending on a variety of factors including specific costs negotiated by a member's employer, actual pot size and actual salary. Where possible we have used actual return series available, though in assumptions have been made based on the underlying funds because of poor data availability and this may also result in some variance. The effect of charges have been applied to the return series on a monthly basis via a subtraction/addition of the proportionate amount, this may create small discrepancies with actual experience depending on charging structure. DWA are happy to correct any discrepancies should evidence be provided.

A Better Pension Experience for Employees

Employees deserve a workplace pension that’s enjoyable and makes saving easy. Here’s how Penfold compares to Nest in delivering value to them:

Engaging App

Penfold’s modern app puts employees in control of their pension, offering real-time insights into their savings, investment performance, and retirement goals. Nest offers a basic app with limited functionality, while Penfold’s modern app allows employees to actively manage their pensions on the go.

Easy for Employees, Easy for You

Getting stuck trying to solve clients and employees’ pension problems? Our app helps employees find and combine other pensions, and make changes to their pension independently.

Focus on Financial Wellbeing

Penfold empowers employees with features like savings goals, nudges, and retirement income forecasts, helping them plan for a secure financial future. Nest lacks these tools, offering fewer resources to support employees’ long-term financial wellbeing.

No Hidden Fees

With Penfold, employees benefit from a simple annual management charge of 0.75%, with lower fees for pots over £100k and no hidden costs. Nest applies an additional 1.8% charge on every contribution, which can eat into new savings.

A comparison chart between Penfold and Nest pension services. Both offer an app and sustainable and Sharia funds. Penfold provides 10 investment funds, while Nest offers 6. Penfold also includes features like finding and combining pensions, savings goals, savings nudges, retirement income forecasts, shareholder voting, financial wellbeing programs, and education programs, which Nest lacks. Penfold’s annual management charge is 0.75% (lower rates for balances over £100k), while Nest charges 0.30% plus a 1.8% contribution fee. Penfold has no additional employee fees.

What Makes Penfold Stand Out?

Unparalleled Support

With Penfold, businesses get access to expert support right away – no call centres, no hold music. Your dedicated account manager ensures everything runs smoothly, whether it’s compliance, payroll processing, or employee queries.

Seamless Payroll Integrations

Penfold’s advanced payroll tech saves businesses time by automating contributions and ensuring accuracy. Nest offers basic payroll support but lacks the full suite of tools provided by Penfold’s platform.

Employee-Centric Features

Penfold’s focus on financial wellbeing means employees get the tools and insights they need to save confidently for retirement. This level of employee engagement helps businesses attract and retain top talent.

A composite image featuring a laptop and smartphone displaying Penfold’s pension management interface, alongside two colleagues working together in an office setting. The laptop screen shows an employee management dashboard, while the phone displays a personal pension overview. In the background, a man in a yellow sweater works on a laptop, and a woman holding a coffee cup smiles while engaging with him. The setting is a modern, well-lit office.

There's a lot of stuff you can do with Penfold that you couldn't do with Nest.

Penfold gives employees immediate access to their pension rather than having to go through the payroll team to remind them of how to access their details or wait for paper letters.

Penfold allows us to offer clients a better service. The simplicity of the Penfold app, the platform for accountants, and the personal touch the team bring – make all my monthly processes much easier.

Zak Round

Director at Kaizen Accountancy Services

Graphic image on a pink background featuring a continuous line drawing of a series of connected, three-dimensional rectangles that resemble a fence. One rectangle is colored orange and stands out from the rest. Above the image is the black capital letter 'A' followed by the word 'Attest' in black lowercase letters, creating a logo. The overall design suggests uniqueness or standing out from the crowd.

How to Choose the Right Workplace Pension

Step 1: Assess Your Needs

Is your current provider falling short on support, compliance, or employee engagement? Identifying these gaps is key to finding a better solution.

Step 2: Compare Providers

Evaluate how providers like Penfold and Nest meet your needs. Look at key features, fund performance, and support services to find the best match for your business.

Step 3: Plan Your Switch

Once you’ve chosen the right pension, work with your provider to ensure a smooth transition. Penfold’s account managers ensure a smooth transition, working closely with you to make the switch effortless for you and your team.

Why Businesses Are Switching to Penfold

Save Time

Automate payroll and pension contributions.

Boost Compliance

Stay on top of regulatory requirements effortlessly.

Support Employees

Offer a pension scheme that’s easy to use and engaging.

Ready to upgrade your workplace pension? Join thousands of businesses already transforming their schemes with Penfold.

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