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A Smarter, Higher Rated Alternative to NOW: Pensions

Penfold and NOW: Pensions are both workplace pension providers but that's where the similarities end. Penfold sets itself apart with superior fund performance, advanced tools, and a modern, employee-first approach.

With no hidden fees for businesses, higher customer ratings, and streamlined management tools, Penfold simplifies pensions for employers while helping employees save for a comfortable retirement.

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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 Choose Penfold Over NOW: Pensions?

Penfold delivers a more efficient and effective workplace pension experience for businesses:

Designed for Modern Businesses

Penfold’s tech-driven platform is built to simplify pension management. From seamless compliance tracking to reduced admin time and automated payroll processing, Penfold helps businesses save time and resources. Whether you’re a small business or scaling rapidly, Penfold’s adaptable platform grows with your needs.

No Business Fees

Unlike NOW: Pensions, which charges businesses £36 per month, Penfold is entirely fee-free for employers. Over a year, businesses save £432 by switching to Penfold, making it an affordable option for businesses of all sizes.

Higher Ratings

Penfold’s 4.5-star Trustpilot rating demonstrates high customer satisfaction, compared to NOW: Pensions’ 2.9 stars. Businesses and employees benefit from Penfold’s commitment to excellent service and support. Additionally, Penfold holds a 5-star Defaqto rating, compared to NOW: Pensions’ 2 stars, reflecting the superior quality of features and service.

A comparison table between Penfold and NOW: Pensions. Penfold offers a group personal pension, NOW: Pensions offers a master trust. Penfold has higher ratings (Defaqto: 5 stars, Trustpilot: 4.5 stars) than NOW: Pensions (Defaqto: 2 stars, Trustpilot: 2.9 stars). Penfold provides all listed services, including onboarding, account manager, and payroll support, with no business fees. NOW: Pensions lacks many services and charges £36 monthly.

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 NOW:Pension’s returns of 3.6% (gross) and 3.2% (net).

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

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

A bar chart comparing default fund performance for annualized returns over five years to 30 September 2024. Penfold shows higher gross returns (7.6%) and net returns (6.8%) compared to NOW: Pensions, which has gross returns of 3.6% and net returns of 3.2%. Penfold’s bars are prominently highlighted in pink and dark blue, while NOW: Pensions is shown in gray.

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.

Superior Features and Employee Experience

Penfold goes beyond basic pension management to create an engaging and empowering employee experience:

Modern Employee Tools

Penfold’s app gives employees complete control over their pensions, with tools for tracking savings, combining pensions, setting goals, and making investments. NOW: Pensions does not offer an app, leaving employees disconnected from their savings.

Comprehensive Financial Wellbeing

Penfold includes features like savings nudges, retirement income forecasts, and financial education programs. These tools improve employees’ financial literacy and confidence, which NOW: Pensions lacks entirely.

Transparent Fees

Penfold’s simple 0.75% annual management fee (lower for pots over £100k) ensures cost transparency. NOW: Pensions charges a lower base fee of 0.30% but adds a £1.75 monthly admin charge.

A comparison table between Penfold and NOW: Pensions. Penfold offers a wider range of features, including an app, 10 investment funds, sustainable and Sharia funds, pension combining, savings tools, retirement income forecasts, and education programs. NOW: Pensions provides only 2 investment funds and lacks most features. Penfold charges an annual management fee of 0.75% (0.88% for Sharia plan), while NOW: Pensions charges 0.30% plus £1.75 monthly admin fees per employee. Penfold has no additional employee fees.

What Makes Penfold Stand Out?

Dedicated Business Support

Penfold assigns every business a dedicated account manager who offers expert guidance on everything from onboarding to payroll integration. NOW: Pensions lacks this level of support, leaving businesses to manage challenges independently.

Seamless Onboarding

With Penfold, businesses benefit from managed onboarding and optional employee launch events to maximise engagement. These services ensure employees understand and appreciate their pensions from day one—something NOW: Pensions does not provide.

Employee Engagement

Penfold’s tools and transparency empower employees to take control of their financial futures, resulting in higher satisfaction and retention. Employees benefit from financial wellbeing programs, savings goals, and education tools that NOW: Pensions does not offer.

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.

Penfold's user-friendly approach and transparency revolutionised how we manage pensions for our clients.

Penfold has come in and changed the space, showing that we could have a pension that was user friendly as well. It's really adding value to not only the employers themselves but the employees of those employers.

The app is the big selling point with Penfold, having a nice clean UI that’s easy to understand for people because the vast majority of people aren’t pension literate.

Ben Nacca

Founder of Cone Accounting

Cone Accounting Logo

How to Choose the Right Workplace Pension

Step 1: Assess Your Needs

Identify where your current provider falls short. Are you looking for better fund performance, no business fees, or more advanced employee tools?

Step 2: Compare Providers

Evaluate features, costs, and support services from providers like Penfold and NOW: Pensions to see which best matches your business needs.

Step 3: Switch Effortlessly

Penfold’s account managers handle every step of the transition, from setup to launch, ensuring minimal disruption to your business.

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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