How to set up a pension plan

Pension Basics

What details are needed to open a private pension?

To set up a pension, you will need to have at hand an identity document - either a passport or drivers licence image - to verify your identity. You'll also need your national insurance number and your UK address to complete the identity check.

You'll also most likely need to have your bank details so that you can create a payment instruction if you're going to contribute to your pension.

If you open a pension with a pension transfer, you'll need your old pension policy details, which you can find out how to track down here.

Opening a Penfold pension

It takes 5 minutes to set up a Penfold pension, and we just need the details above to get your pension set up.

You can decide to open your Penfold pension with a payment of as little as £5, or instead of a transfer request, where we'll need your old pension policy details.

Penfold is the digital pension provider designed for the self-employed. Set up an easy to use, flexible pension in minutes using your phone or laptop.

We know running a business leaves you short on time. That’s why with us, creating a pension is simple - with absolutely no paperwork required. Plus, track down and combine your old pension pots with our free, hands-off consolidation service.

Managing your Penfold pension couldn't be easier. Start saving and top up, change or pause payments at any time with a few quick taps. No waiting lines and no call centres. Plus, our highly trained UK-based team is available 24/7 to answer your questions in our live chat app.

Set up your pension with Penfold today and start saving for the future you deserve.

To find out more about how our pension works, head here.

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