Penfold: The Pension Designed for Life

Is Penfold the pension to stick with for life?

TL;DR: Yes. Here’s why:

• Yours for the long haul: Penfold isn’t tied to your job, so your pension can grow with you
• All in one place: Combine old and future workplace pensions for a clearer view of your savings
• Strong returns: 11.1% annualised net growth as of 31st March 2025 with the Penfold Plan
• Full FSCS protection: No £85k cap with the Penfold Plan, your pot’s completely covered*
• One simple fee: Transparent, competitive, no hidden charges
• Retire with Penfold: Support with drawdown when the time comes

Read on for the full picture – and why Penfold could be the only pension you’ll ever need.

A pension that goes where you go

Careers change. Employers change. Life changes. But your pension? That should stay consistent.

Penfold is designed to be more than just an auto-enrolment scheme – we’re a modern, flexible pension that fits around you, not the other way around. Unlike some providers that use a master trust structure (where you can't keep contributing after leaving an employer), Penfold is a personal pension. That means it's built to be yours for life – through every job change, career break, and into retirement.

Whether you’re changing jobs, going freelance, or taking time out, your Penfold account stays with you. You can keep contributing with regular payments or one-off top-ups, or pause them if you need to. You're always in control.

And because Penfold isn’t tied to any one employer, you’re not starting over each time you change jobs. You can keep your current pot, and if/when you leave your next job, you can bring that pension into Penfold too, so everything stays in one place.

Want Penfold at your next job? If you're moving employers and want them to consider Penfold as a workplace pension provider, you can introduce us to your new employer here. We'd love to chat with them.

All your pensions, in one easy place

If you’ve had more than one job, chances are you’ve got more than one pension. It’s easy to lose track, and even easier to leave money sitting idle. That’s where Penfold shines.

Our free “Find My Pension” tool helps you track down old pots using your past employers details. Once found, transferring them into Penfold is simple – we’ll handle the admin, and you won’t need to dig out any dusty paperwork or sit on hold for hours.

And it’s not just about past pensions – you can bring in future ones too. When you leave your next job, instead of letting your new workplace scheme gather dust, you can roll it into your Penfold account. That way, your savings stay in one easy-to-manage place, growing together under one investment plan with one transparent fee.

“Really amazing experience, I've rolled all my pensions into one and it's great to be able to see it all in one app.”
— Trustpilot review

It’s important to compare providers’ fees and any guaranteed benefits when deciding on whether to transfer, and be sure that the investments available are suitable for you. If your employer is paying into your pension currently, transferring that pot may mean you lose out on their contribution.

Plan your future, with real-life insight

We’ve built Penfold to go beyond just saving – it helps you plan for a comfortable later life.

Inside the app, you’ll find a forecast tool that shows your projected retirement income based on your current savings and contributions. You can adjust your age, top-ups, or targets and instantly see how those changes could affect your future income. You can even factor in your State Pension and any other pots to get a full picture.

To make it even clearer, Penfold translates your forecast into retirement lifestyle categories. Want a life of modest comfort? Or something a little more luxurious? You’ll get a realistic idea of what different income levels can afford, so your goals feel less abstract and more achievable.

“A feature that has been surprisingly useful is the forecast calculator which allows you to see how changing what (and when) you pay in might affect the value of your pension.”
— Trustpilot review

And we're just getting started. Our mission is to help everyone save towards a comfortable retirement. That means we’re constantly building, evolving, and improving Penfold to offer even more powerful tools and smarter planning to better help you reach your long term goals.

Performance, and peace of mind

Your pension is one of the most important investments you’ll ever make. And with Penfold, you’re in good hands.

Our default investment plan, the Penfold Plan, is managed by BlackRock – the world's largest asset manager. It’s designed to deliver strong growth in your early years and reduce risk as you get closer to retirement, automatically rebalancing your investments along the way.

“Investment performance is most important, and Penfold’s historical performance is excellent.” — Chris B., Chartered Financial Planner

The Penfold Plan achieved annualised net returns (after fees) of 11.1% on an annualised basis in the 5 year period to 31st March 2025, outpacing many traditional providers. It also includes a broader range of investments – like listed real estate, infrastructure, and private equity – to boost growth potential and diversify risk.

Past performance is not indicative of future returns. The value of investments can rise and fall and you may get back less than you put in.

The Penfold Plan launched in February 2025, but its underlying components have existed separately for several years! BlackRock has provided a simulation of how the portfolio may have performed over the past five years had the components been combined.

Please read: Important information about these figures is provided at the bottom of this article.

The Penfold Plan also offers full FSCS (Financial Services Compensation Scheme) protection with no cap. That means  in the unlikely event the provider, Blackrock Life Funds, were to fail we would seek to recover 100% of any loss suffered by you.

And if you value where your money’s going, the Penfold Plan uses ESG-screened funds that aim to Invest at least 80% of their government bonds with sovereigns with improved ESG credentials and Achieve a carbon emission intensity score of 30% less than an appropriate comparator fund.**

These aims do not apply to the liquid alternative and listed real assets within the Penfold Plan.

One clear, fair fee

Let’s talk about money. Specifically, what it costs to keep your pension with Penfold.

Our fees are simple and transparent. For most plans, you’ll pay 0.75% per year (the Sharia Plan has a fee of 0.88%). If your pot grows beyond £100,000 (go you!), the fee on that portion drops even lower – to 0.40%, or 0.53% for the Sharia Plan.

Our single, all-in, fee covers everything from fund management to support. There are no extra fees for transferring pensions in or out, no exit charges, withdrawals, processing ill-health/death benefits, and no penalty for not being part of an employer scheme.

And here’s the thing: our fees are fair by design. They allow us to keep building and improving Penfold so we can deliver more value to you over time. By staying with Penfold, you’re investing in a better pension experience – not just for today, but for everything that’s coming next.

Since Penfold’s net returns (after fees) have been strong, it's likely you’re actually seeing stronger growth after costs. That means your money’s not just being managed – it’s actively working harder for your future.

“What most impressed me compared to the old traditional pension platforms is the clarity of money paid in, interest made and in-put from the government. It's also very easy to increase, decrease or hold payments. Most importantly, compared with other similar sites buzzing around, the return is much more stable and solid.”
—  Trustpilot review

So with Penfold you get a high-performing default fund, an easy-to-use app, and access to real humans when you need support.

The bottom line

Penfold is more than a short-term place to contribute to your workplace pension. We’re a lifelong partner for your financial future – flexible, powerful, and built entirely around you.

You get everything in one place. A strong investment plan. Tools that help you plan, not guess. Clear fees. Real protection. And support that’s actually supportive.

And when retirement finally comes? You can stay with Penfold too. We offer flexible drawdown options, so you can access your savings in a way that works for you – with the same clarity, simplicity and support you’ve come to expect when contributing into your pension.

Whether you’re transferring an old pension, planning ahead for your next job change, or just want a clearer view of your retirement, Penfold is built to help you stay in control – today, tomorrow, and for the long haul.

Important fund performance information

Figures are net of investment fees but gross of provider fees.

Figures for the Penfold Plan are based on a simulation, provided by BlackRock, of how the portfolio might have performed had these building blocks of the plan existed together over the last five years. It’s important to note that it cannot be definitively said exactly how this plan would have performed in the past. Simulations should not be taken as a guarantee of expected past or future performance, but are designed to be illustrative only. A full list of the assumptions made to generate the simulations is should be carefully considered: Penfold Plan assumptions

The figures shown represent a weighted average of performance across 30 age cohorts (ages 36-65) to provide an overall view of member outcomes. Individual returns will vary depending on fund allocation at different points in a member’s investment journey, as well as personal fee structures. For consistency in comparison, returns have been estimated based on a typical pot size of £10,000 and an average salary of £30,000. Actual returns may differ due to factors such as specific employer-negotiated fees, individual pot sizes, and salary levels.

Returns are based on data collected by investment advisors DWA from a variety of sources, including individual providers and data published on Morningstar. Where possible, actual return data has been used; however, some assumptions were made based on underlying fund data due to availability limitations. The impact of charges has been applied on a monthly basis, which may create minor discrepancies with actual experience depending on the charging structure. DWA is happy to review and correct any discrepancies should further evidence be provided.

Past performance, actual or simulated, is also not a reliable indicator of future returns. All investments carry risk and your investment value can go up or down. Returns may increase or decrease as a result of currency fluctuations.

*This applies in the event that Fund-manager BlackRock life were to go bust.

**The % of government bonds that each underlying MyMap fund invests in differs. For example, MyMap ESG Select 7 invests 100% in equities Sovereigns with improved ESG credentials are those who have an ESG rating of BB or higher (as defined by MSCI or another third party data vendor). See here for more detail: https://www.msci.com/web/msci/esg-ratings; The carbon emission intensity score aim applies to companies that are invested in that make up the 'Other CIS' part of the fund portfolio only.