Charges and fees

One simple fee. No hidden charges

We hate hidden charges. That’s why we have one fair, transparent annual fee that covers absolutely everything within our service.

Completely free for employers

We don’t charge employers any fees to use Penfold. We only receive fees from your employees based on the value of their pensions and we keep charges low for them too.

For employers there are:

No account fees

No management charges

No contribution charges

No adviser fees

A photo of a man sat down and smiling in front of a laptop

One fee covers everything for savers

Our plans offer a simple fee structure based on how much is saved in each pension pot and there are no charges on new contributions or to switch between plans.

Lifetime, Standard and Sustainable plans

Charge 0.75% for savings up to £100k, and 0.4% on any amount over £100k.

Sharia plan

Charges 0.88% for savings up to £100k, and 0.53% on any amount over £100k.

A photo of two colleagues having a conversation while sat at a table

When pension fees are charged

Our annual fee is automatically taken from pension pots in 12 monthly instalments. The fee is split between:


For administering your pension.

BlackRock or HSBC

For managing your pension, taken directly from the investment fund.

A photo of a woman sat at a desk looking at a laptop

Everything's included

Our annual fee covers absolutely everything (read the Charges Guide for more detail) within Penfold’s pension service:

Setting up a pension

Transferring pensions into, or out of, Penfold

Making any type of contribution

Switching between our investment plans

Management of your funds by BlackRock or HSBC

Withdrawals after reaching retirement age

You won’t find any other hidden fees buried elsewhere.

A photo of a woman sat on a sofa looking at her phone

More benefits of our pension

Fund options

Hand-picked, diversified pension plans managed by BlackRock and HSBC funds that help grow wealth.

Discover our fund options

Salary sacrifice

Cut your business and employees National Insurance bill with free-of-charge salary sacrifice consultation and implementation.

Find out about salary sacrifice

Single savings view

Combine pensions into one account to see total pension savings and get a clear view of projected retirement lifestyle.

See the easy way to combine


Peace of mind that savings are FSCS protected and invested by some of the largest money managers in the world.

Learn how we protect savings

Charges and fees FAQs

Join Penfold and bring financial wellbeing to your team

Give your team a top pension and boost their financial wellbeing

Boost your benefits package to keep and tempt the best talent

Get industry-beating account management at no extra charge

Book a Demo