Reduce Employer NICs: Salary Sacrifice Pensions
A pension that stays with you – for every job change, life stage, and as you step into retirement.
Penfold is designed to be your pension for life – portable and flexible, supporting your future – from your first job to your final withdrawal.
Most workplace pensions are tied to your job. Penfold isn’t. We’re a personal pension, which means we can stay with you – wherever your career or life takes you.
Transfer old pots from previous jobs, and when you leave your next one, bring that in too. Penfold helps you keep everything in one place, under one simple fee and investment plan.
Our app includes a powerful forecast tool that shows how much income you could expect in life after work. Adjust your target contributions or retirement age to see how your lifestyle changes.
Forget clunky portals and confusing paperwork. Penfold is designed for the way you actually live and work today.
Our app helps you:
Wherever your life takes you Penfold makes it easy to stay on track with your pension savings.
Bringing in old pensions is just the start. When you move to a new job, you can transfer that pension in too – so everything stays together.
Just tell us where it is – we’ll handle the admin, and you’ll keep your future in one place.
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 an employer is currently paying into your pension, transferring that pot may mean you lose out on their contribution. Read our Should I combine my pensions? article for more information.
If you’re contributing to a different workplace pension through your current job, you don’t have to choose between that and Penfold. You can leave your Penfold account exactly as it is – active, invested, and ready for your next move.
When you change jobs again, you can bring that new pension into your Penfold account too. Over time, Penfold can become the central hub for all your retirement savings – a single place to track your progress, manage your investments, and plan for the future.
So even if you’re not actively contributing right now, Penfold keeps working quietly in the background – ready whenever you are.
Fund performance plays an important role in growing your pension value over time. This chart shows how we compare against other workplace pension providers, on an annualised basis in 5 year period to 31st March 2025. Note: 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.
Your money is protected. The Penfold Plan 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 when it comes to fees? Ours are refreshingly simple. One clear annual fee that includes everything: your fund, your app, your support. No hidden costs. No surprises. And if your savings grow past £100k, your fee rate drops even lower.
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.
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 available and should be carefully considered. 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.
We’re with you for the long haul – including when it’s time to start drawing an income from your pension.
When you retire, there's no need to move your pension elsewhere. Penfold supports flexible drawdown, so you can access your money on your terms, adjusting your withdrawals to suit your lifestyle and goals.
Penfold gives you the tools to shape your future income. All with the same easy-to-use app and supportive service you’ve trusted for years.
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
Yes! You can transfer any old workplace pensions into your Penfold account. It’s a great way to bring everything together and make your savings easier to manage. We’ll handle the process for you.
Nothing changes. Your pension stays active and invested, and continues to grow with the market. You can top up again at any time, whenever it suits you.
Nope. We don’t charge any fees for transferring pensions in. And we don’t charge exit fees either – it’s your money, after all.
You can transfer that new workplace pension into Penfold too. The more pensions you bring together, the clearer your retirement picture becomes.
Yes – Penfold supports flexible drawdown, so you can access your savings in retirement without switching providers.
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