Pensions for Businesses & Employees

Compare Penfold and Royal London

Penfold revolutionises workplace pension management for progressive accounting firms with our tech-driven platform. Enhance your service offering with streamlined, efficient processes and unparalleled support, including dedicated Account Management.

Empower employers with a pension that engages their teams and attracts top talent, while offering employees a savings experience designed to help them reach their retirement goals..

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A mobile interface for Penfold's pension management app and a desktop interface for Penfold's pension processing platform. The mobile screen shows "Rose's Dashboard" with a total pot value of £12,994.54, options to transfer an old pension, and add money. There's also a prompt to combine an old pension and a forecast feature. The desktop interface welcomes back "Elevate Accounting Group" and prompts to upload files. Two dashed boxes offer to "Add employees only" or "Add pension payroll files" with drag and drop functionality. There are also options to download templates for enrolment and contributions, and a section for the last upload.

Why businesses choose Penfold over Royal London

Time-saving and compliant processing

Streamlined payroll

Save time and improve the quality of your client service by quickly and easily running payroll contributions with our advanced tech.

Effortless compliance

Stay in control and ensure compliance with total visibility over contributions, opt-outs and payments.

* Comparison information updated June 2024

A comparison table between Penfold and Royal London Default pension services, both categorized as Group personal pensions. The table compares features such as Dedicated Account Manager, Managed onboarding, Launch event, Compliance support, Salary sacrifice support, Payroll integration, Payroll processing support, and Pension benchmarking. Penfold offers all the services. Royal London provides Managed onboarding, Compliance support, and Salary sacrifice support but does not offer the other services.

Unparalleled support and service

Speak to an expert right away

We’re here to support you throughout payroll processing with hands-on support from a dedicated expert. No call centres and no hold music.

Online and in-person launches

Let clients show the value of their pension scheme with an in-person or online pension launch for employees.

The image shows a professional setting with a young woman focused on her laptop. In the foreground, there's a graphical overlay representing a customer service chat window from 'Team Penfold' featuring a representative named Frankie with a profile picture. The chat window and profile picture suggest an online customer support interaction. The setting appears cozy and warm with soft lighting, indicative of a comfortable working environment.

Zero hidden charges and top reviews

Free for businesses

We don’t charge businesses any fees to use Penfold. We only receive fees from employees based on the value of their pensions and we keep charges low for them too.

Well reviewed

There’s no better proof than hearing from people that use our pension. We’re proud that our customers have given us an Excellent rating on Trustpilot.

Fund performance

Managed for by BlackRock, our default fund delivered a stronger overall return on members’ savings than Royal London based on data from July 2019 to March 2024*

*This information should not be regarded as financial advice and past performance is not a reliable indicator of future performance.

A fee and performance comparison chart between Penfold and Royal London Default pension services. Penfold has no client fees, with an Employee Annual Management Charge of 0.75% (reduced to 0.4% for amounts over £100k) and for the Sharia plan, 0.88% (reduced to 0.53% for over £100k). Royal London may apply client fees for schemes with low average contributions and has a 0.3% management charge (or individually priced). Both have no additional employee fees. Penfold's returns are 4.29% gross and 3.51% net, while Royal London's are 3.81% gross and 3.13% net. Trustpilot rates Penfold at 4.3 and Royal London at 4.1, with Defaqto giving Penfold 4 stars and Royal London 5 stars.

These returns are based on data collected by investment advisors DWA from a variety of sources including individual providers and data published on Morningstar. The returns for Penfold are based on a customer being invested in our Standard Lifetime (default) plan. The competitor returns are also based on customers invested in their default plans. DWA have estimated the Returns (Gross) based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000. These are annualised returns are based on data from July 2019 to March 2024. DWA have estimated the Returns (Net of fees) net of all costs and charges based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000. Actual returns may vary depending on a variety of factors including specific costs negotiated by a member's employer, actual pot size and actual salary. Where possible we have used actual return series available, though in assumptions have been made based on the underlying funds because of poor data availability and this may also result in some variance. The effect of charges have been applied to the return series on a monthly basis via a subtraction/addition of the proportionate amount, this may create small discrepancies with actual experience depending on charging structure. DWA are happy to correct any discrepancies should evidence be provided. Past performance is not indicative of future returns. The value of investments can rise and fall, you may get back less than you put in.

An engaging pension employees appreciate

A dedicated app

Penfold’s app shows employees how their pension fund is performing, how they’re tracking to saving goals, and how their funds are being invested.

Easy for employees, easy for you

Getting stuck trying to solve clients and employees’ pension problems? Our app helps employees find and combine other pensions, and make changes to their pension independently.

Built to improve financial wellbeing

Our app was created to improve employees’ financial wellbeing, by giving them all the information they need to save for a financially secure future.

* Comparison information updated June 2024

A feature comparison chart for Penfold and Royal London Default pension services. Penfold offers a mobile app, 10 investment fund options, a sustainable fund, a Sharia fund, the ability to find and combine pensions, set savings goals, receive savings nudges, forecast retirement income, participate in shareholder voting, and offers a financial wellbeing and an education programme. Royal London Default provides a mobile app, a sustainable fund, a Sharia fund, and a financial wellbeing programme, but does not offer the other features provided by Penfold.

Moving to Penfold involved a couple of Zoom meetings. Then, after everything was all set up, if I ever face issues, I email my account manager and almost always get a response within the hour.

Caroline Metcalf

Director at Metcalf’s Accountancy Services

How to choose a new workplace pension scheme

Step 1

Identify what you need from a pension scheme. Where has your current provider fallen short? What should the pension do for you, your client and their employees? Decide on the support and features you need long-term.

Step 2

Explore your options. Which providers meet your requirements, and which providers exceed them? What support do they offer to help you get the pension set up, or is it up to you to communicate with clients and employees?

Step 3

Launch the scheme. Work with your new pension provider on a plan to introduce the scheme at your business and clients, encouraging employee engagement with their new pension. At Penfold, our Account Managers make the switch easy.

Penfold is rated Excellent on Trustpilot

See what other people say about Penfold on Trustpilot

See how our pension platform saves time and money

Automate and speed up time-consuming processes

Enable fast, easy, and accurate payroll and pension processing

Benefit from a concierge service from the Penfold customer support team.

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