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Pension fees

We hate hidden fees. We'll only charge you one fair, transparent annual fee for managing your pension that covers absolutely everything within our service. 

Pension fund plan options shown in the Penfold app

How our fees work

Our annual management fee is automatically taken from your pension pot in 12 monthly instalments.

We calculate the fee every day based on the average value of your pension pot, add it together at the end of the month, and charge it around the 12th of the following month.

The fee is split between Penfold, our partners and the money manager, BlackRock or HSBC, for investing and administering your pension.

Pension plan fees

Our plans offer a simple fee structure based on how much you have saved.


0.75% for savings up to £100k
0.4% on any amount over £100k

Lifetime plan details


0.75% for savings up to £100k
0.4% on any amount over £100k

Standard plan details


0.75% for savings up to £100k
0.4% on any amount over £100k

Sustainable plan details


0.88% for savings up to £100k
0.53% on any amount over £100k

Sharia plan details

* The Sharia Plan fee includes a 0.2% subsidy from Penfold, following the restructure of the underlying HSBC fund, which will expire on August 30th. We are currently working on extending this or finding another fund at the same price, but the fees on this plan may increase. We will provide at least one month notice for any such change.

Penfold apps showing pension contribution and pension transfer screens

Everything's included

Our annual fee covers absolutely everything within Penfold’s pension service:

  • Setting up your pension
  • Transferring pensions into, or out of, Penfold
  • Making any type of contribution
  • Moving money between our investment plans
  • Withdrawing after you reach retirement age

Our official Charges Guide summarises this - you won’t find any other hidden fees buried elsewhere.

Fee FAQs

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