How to set up a pension

Setting up a private pension from scratch or with a transfer from an existing pension account.

Ok, so you're ready to set up your pension. But how do you actually get started? In this article, we'll walk you through everything you need to set up a pension plan.

How to set up a private pension

To set up your private pension, you'll need a few bits of information handy. Before you start, make sure you have:

  • your UK address
  • a document to verify your identity (your passport or your driver's licence are perfect)
  • your national insurance number

You'll also likely need to have your bank details ready - so you can set up payments into your pension.

Opening a pension with a transfer

You can also set up a new pension by transferring in a pot from a different provider.

To do this, you'll need the policy number and details of your old pension. You can find out how to track down all this and more with our guide to finding and transferring old pensions.

How to open a Penfold pension

Got all your documents handy? Great, you're all set.

It takes just 5 minutes to set up a Penfold pension. Just tell us a little about you, pick your plan and choose how you'd like to contribute. You can get started with a one-off payment, set up a regular monthly contribution of as little as £1, or transfer in an old pot.

You can sign up online or via our app. To find out more, here's how the Penfold pension works.

Get started in 5 minutes

1. Get a Penfold account by registering your details online or with our app.

2. Transfer an existing pension, or make a one-off or recurring payment (pause or adjust any time).

Done! Check savings progress, change investment plan and more with our app or online dashboard.

Get started now