A more supported alternative to The People’s Pension
More hands-on help for your business and employees.
Penfold combines dedicated account management, payroll support and practical employer tools with an intuitive pension experience for employees.
Whether you’re setting up a new workplace pension or considering a move from The People’s Pension, we’ll help make the process straightforward.
Compare Penfold and The People’s Pension
The People’s Pension offers many of the workplace pension essentials, including payroll integrations and salary sacrifice.
Penfold adds more hands-on support for employers, alongside tools that help you understand employee engagement and manage your pension day to day.
- A dedicated point of contact
You’ll have a dedicated account manager who knows your business and can help with onboarding, payroll questions and ongoing support.
- More help with payroll
Penfold combines payroll integrations with hands-on payroll support, giving you somewhere to turn when you need help managing contributions.
- More visibility for your business
Our engagement dashboard, employee reminders and employer insights help you understand how your team is interacting with their pension.
Comparing default fund performance
Investment performance can make a meaningful difference to employees’ retirement savings over time.
Over the five years to December 31st 2025, Penfold’s default fund delivered an annualised gross return of 9.3%, compared with 6.7% for The People’s Pension’s default fund.
Figures are net of investment fees but gross of provider fees. 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.
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.
More ways to support employees
The People’s Pension and Penfold both give employees access to their workplace pension through an app.
Penfold adds more tools and support to help employees understand their pension, manage their retirement savings and plan for the future.
- Bring pensions together
Employees can combine old pensions with Penfold, making their retirement savings easier to see and manage in one place.
- Guidance throughout the journey
Pension education, personalised guidance and tax-saving prompts help employees understand their pension and the options available to them.
- Help employees plan ahead
Savings nudges and retirement forecasts help employees stay connected with their savings and think about their longer-term goals.
More support around your workplace pension
Running a workplace pension involves more than processing contributions.
Penfold gives your business dedicated support, payroll help and greater visibility into employee engagement.
Your employees get practical tools and guidance to help them understand their pension and plan for retirement.
Penfold's user-friendly approach and transparency revolutionised how we manage pensions for our clients. Penfold has come in and changed the space, showing that we could have a pension that was user friendly as well. It's really adding value to not only the employers themselves but the employees of those employers. The app is the big selling point with Penfold, having a nice clean UI that’s easy to understand for people because the vast majority of people aren’t pension literate.
