Our single, all-in fee explained

We hate hidden fees, and you probably do too. That's why we keep things simple: one clear annual fee that covers everything within Penfold's pension service – no surprise charges, no extra layers.

How much you pay depends on how you joined Penfold:

• If you joined through your employer, your annual fee is agreed directly between your employer and Penfold, and may vary from our standard rate – it's often reduced. We'll always tell you the exact fee that applies to you before you join.
• If you opened your pension directly with Penfold, your annual fee is between 0.4% and 0.88%, depending on the plan you choose.

We automatically deduct your annual fee from your pension in 12 monthly instalments.

Fees for Penfold, Standard and Sustainable Plans

If you've selected any of our Penfold, Standard or Sustainable plans, your pension is invested with BlackRock. Your annual fee is 0.75%, which includes Penfold's administration fee and the fund manager fee.

If your pension pot is larger than £100,000, we reduce the fee to 0.40% on the portion of your savings over this amount.

Fees for the Sharia Plan

If you've selected our Sharia plan, your pension is invested with HSBC and your annual fee is 0.88%, which includes both our administration fee and the fund manager fee.

If your pension pot is larger than £100,000, we reduce the fee to 0.53% on the portion of your savings over this amount.

How we calculate your fee

We calculate your fee every day, based on the value of your pension pot. We add these daily amounts together at the end of the month, and take the total from your pot around the 12th of the following month.

If you'd like to see how our fees compare to other pension providers, head here.

If you're an existing customer and want the full detail, you'll find it in our Charges Guide.

And if you've got any questions about your fee, or anything else, just drop us a message on our online chat or by email here.