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Join our panel: How to improve employee financial wellbeing

Come along to our unmissable panel: How to improve employee financial wellbeing

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Announcing our £40,000 Giveaway!

Kyle Chubb | Monday 21st February, 2022

If you weren't aware, every year, you're allowed to put £40,000 into your pension. Now, that could come from regular monthly contributions, a larger one-off top-up at the end of the tax year...

Or, you could just the whole lot in our £40k Giveaway!

For the next few weeks, Penfold is giving one lucky saver the chance to win their entirely yearly pension allowance in one go. Here's what's happening and how you can get involved.

What is the £40k Giveaway?

Here at Penfold, helping people save more for their future is what we’re all about - it’s why we get out of bed in the morning. 

So, we decided to put our money where our mouth is. We're giving you the chance to win £40,000 in your pension - from us - for free. We wanted to offer as many as possible the chance to win our Giveaway and not have to pay in at all for the next 12 months. 

£40,000 in your pension today could grow to £135,000* in your retirement in just 30 years -  one big step to giving you the retirement you deserve.

*Based on 30 years growth. This includes tax relief and annual growth of 7% from investments, less fees. These figures are not adjusted for inflation.

How to enter

Both newbies and current Penfold savers alike can earn entries into our £40,000 giveaway. There are three ways to enter:

  1. Open (25 entries) - Set up a new Penfold account
  2. Transfer (100 entries) - Transfer an old pension into Penfold
  3. Refer (25 entries) - Refer a friend to Penfold

We’re also giving every current Penfold saver 25 entries into the giveaway - it’s our way of saying thanks for choosing Penfold.

What are my chances of winning?

Quite simply, the more you enter, the better your odds.

By transferring just two old workplace pensions and referring a friend to Penfoldyou’re already 10 times more likely to land yourself £40,000.

And, since the average person has nine different workplace pots scattered around - you’ve probably got more than just the two pensions ready and waiting.

This giveaway is open to both new and existing Penfold savers. The more pensions you transfer and friends you refer, the better your chances of winning!

The legal bit

With pensions your capital is at risk.  It's 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. 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. 

You can read the full giveaway terms and conditions for our giveaway here.

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