Reduce Employer NICs: Salary Sacrifice Pensions
The future's worth saving for
Welcome to a new kind of private pension. Set up in minutes, top up, pause and combine in a few quick taps. It's that simple.
Join our top performing funds and leave the future to us, so you can get back to living today.
As with all investments, your capital is at risk.
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Simplified savings
Frustrated with your current pension providers' old-fashioned accounts?
Worked at more than one job? You probably have multiple old workplace pensions which makes it confusing to understand how much you have already saved, and need to save, for retirement. Then there's the stress of managing multiple accounts.
Combine old pensions or contribute with Penfold and you'll easily be able to see the value of your savings with our modern app and online account. We have four top-performing investment funds, and you can manage everything in a few taps.
Transfer and combine
Combining private pensions into a single Penfold account is free and easy.
If you already have your old pension details we can start the process immediately, otherwise our Find My Pension tool can help you track down any missing information.
Once you've requested a pension transfer, we'll contact your previous providers and begin the process of combining the accounts into your Penfold pension. You'll be able to stay up to date with progress on your Penfold dashboard.
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 your employer is paying into your pension currently, transferring that pot may mean you lose out on their contribution.
Hand-picked fund selection
Lifetime plan
Our most popular plan. Automatically adjusts investments to maximise early growth before protecting your pot as you approach retirement.
Sustainable plan
Make a positive impact on the world without sacrificing growth. Invests your money into companies with a high ESG rating.
Sharia plan
Invest your money only into Sharia-compliant companies. All investments are approved by an independent Sharia committee.
Standard plan
Complete control of your pension. Choose between four different risk levels - tailoring investments to fit your preferences and outlook.
With investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice and past performance is not a reliable indicator of future performance.
Flexible contributions
Make new contributions whenever you like, there's no minimum amount.
Adjust, top-up, or pause payments any time. If you’re unsure how much to contribute, our pension calculator will help you decide how much to save to get the retirement you want.
Get a 25% government tax relief top-up on contributions. We organise this for you, automatically adding it to your pension.
Subject to annual allowance. Tax treatment depends on individual circumstances and may change in the future.
Your new pension
Once set up you'll get access to our modern online account and app.
Find out how your pension is performing in real time
See details of our other investment plans and switch easily
Easily withdraw via drawdown, an annuity or even taking a lump sum
If you have any questions our friendly team of pension experts will be happy to help. Simply message us on our in-app chat, email or call - we promise no jargon!
FAQs
If you're signing up tap the Add Existing Pension button after you've chosen an investment fund. If you already have a Penfold account simply tap Transfer Your Pension on your account dashboard. All we need is the previous pension provider name, policy number and and approximate account value to start the transfer.
If you don't know all the details of your old pensions, our Find My Pension tool can help you track them down. In addition, our friendly customer service will be happy to help.
No, our transfer service is completely free. However, you may want to check with the provider you are transferring out from as they may have exit fees.
No, Penfold is designed for maximum flexibility, so you can pause or stop your contributions anytime, make one-off top ups, or set up regular payments - whatever you like. There is no minimum deposit when you set up your pension, and you can pay nothing each month if you like.
If you sign up for Penfold, we’ll help you figure this out by applying some helpful rules of thumb and making some assumptions about what sort of life you want to live when you’re a bit older.
We hate hidden fees and you probably do too. We'll only charge you one fair, transparent annual fee for managing your pension that covers absolutely everything within Penfold’s pension service.
Our single fee is between 0.4% and 0.88%, depending on the plan you choose and your account value. We'll automatically deduct a portion of your annual fee from your pension in 12 monthly instalments.
Our platform is based on giving you pension peace of mind. We believe you should know your savings are being looked after, no matter what the future holds.
Penfold doesn't hold or manage your money. Anything paid into your pension is initially transferred into a secure account held by a custodian bank. It’s usually held here for one business day before being used to buy into your selected investment plan managed by Blackrock and HSBC - two of the world’s largest money managers.
Here’s the important thing to remember - your pension savings are kept separate from Penfold and belong entirely to you. If anything were to happen to Penfold your money can’t be touched by us or any of our partners - your pension would be transferred to another provider, ready for your retirement.
Your savings are used to invest in a mixture of shares (part ownership in a company) and bonds (a loan with a guaranteed fixed interest rate) that will hopefully help your pension grow over time. As with any investment, this involves risk - the value of your pension can go up as well as down, and you could get back less than you put in. However, greater risk can lead to greater returns - if you have a long time before retirement, investing over the long-term can help ease any short-term losses. Read our What does capital at risk mean? blog post to learn more about investing risk.
Penfold is a registered pension administrator, authorised and regulated by the Financial Conduct Authority (FCA), number 826097.
Penfold is also a part of the Financial Services Compensation Scheme (FSCS). In the unlikely event that something were to happen to Penfold or our partners (Blackrock, HSC and Lloyds bank), the value of your pension is protected up to a maximum of £85,000 per individual.
As a digital pension provider, we understand that many people want to know how their personal information is kept safe. To safeguard your data, we use the latest security technology and maintain strict internal practices every step of the way.
We also comply with General Data Protection Regulation (GDPR) guidelines. We'll never share your information with anyone else without asking you first.