I love that I can change the amounts I put in, whenever I want to, depending on my financial situation - which for a self employed person is invaluable.
Becci
Penfold customer
Self-employed Pension
A pension that works for self-employed life
When you work for yourself, there’s no employer automatically paying into a pension for you. Penfold makes it easy to build your retirement savings yourself – however and whenever you earn.
Save regularly, top up when you can, get tax relief on eligible contributions and manage everything from one simple app.
Your pension pot value can go up or down, but staying invested can help it grow
Excellent 4.6
Built for self-employed income
Your income might change from month to month. Your pension can change with it.
When you’re self-employed, income doesn’t always arrive on a predictable schedule. A busy month might give you more to put away, while other months you may want to contribute less.
Penfold gives you the flexibility to build your pension around the way you earn, rather than expecting you to save the same amount every month.
Make your pension work as flexibly as you do
Some months are busier than others. Some invoices arrive late. Some years are simply better than others. With Penfold, you’re in control of what you contribute and when.
- Save regularly
Set up monthly contributions when income is steady.
- Top up when you can
Had a good month or finished a big project? Add a one-off contribution.
- Change things anytime
Increase, reduce, pause or restart your contributions as your income changes.
Get more from your contributions with tax relief
Putting money into a pension doesn’t just help you save for later. Eligible personal contributions can benefit from tax relief too.
For every £80 you contribute, basic-rate tax relief can add £20, bringing the total going into your pension to £100. We automatically claim this for you, so you don’t have to.
If you pay tax above the basic rate, you may be able to claim additional tax relief from HMRC.
Tax treatment depends on your individual circumstances and may be subject to change in future.
Bring your old pensions together
Being self-employed now doesn’t mean you’ve always worked for yourself.
If you’ve built up pensions from previous jobs, you can transfer them to Penfold and see your retirement savings together in one place.
We’ll help you through the transfer process, and you can track your pensions from the Penfold app.
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.
Your pension, in your pocket
Keep track of your retirement savings wherever your work takes you. With the Penfold app you can:
- See your pension balance and contributions
- Make one-off contributions
- Manage regular contributions
- See where your pension is invested
- Track pension transfers
- Explore what your savings could mean for retirement
- Get support when you need it
Know where you stand
It’s easier to plan for retirement when you can see what you’re working towards.
Penfold helps you understand what your pension could provide in retirement and explore how changing your contributions could affect your future.
See how much you’ve saved, what you’re contributing and how your pension is invested – all from your app.
Invest your pension your way
Your Penfold pension is a Self-Invested Personal Pension (SIPP), with a choice of professionally managed investment options.
If you’d rather keep things simple, Penfold Lifetime is our default investment strategy. It’s designed to adapt as you move towards retirement, investing for growth when retirement is further away before gradually reducing risk as you get closer.
Want more choice? You can explore our wider range of funds, including options for different approaches to risk, sustainability and Sharia investing.
Pension guidance and support
Working for yourself doesn’t mean figuring out your pension by yourself. Penfold gives you tools, information and guidance to help you understand your pension and make informed decisions about your retirement.
Get help understanding how much you’re saving, whether you’re on track and the actions you could consider taking next.
And if you have questions about your Penfold pension, our friendly customer support team is here to help.
What Penfold customers say
The app is so easy to use and it’s really useful for people whose income fluctuates. Being self employed Penfold are 10/10 for me.
StevePenfold customerFor self-employed individuals whose income may vary throughout the year, the app ensures transparency, and you can vary your payments monthly. I would recommend it.
KPPenfold customerLove the app, it’s so clear - exactly what you need when you’re freelance/self employed and have to manage things largely on your own.
GemmaPenfold customerGreat way to start a pension if you are self employed and so easy so set up and play pause or top up so glad i've started.
JasonPenfold customerI'm a freelancer who didn't ever think about saving but now with the App I'm more motivated to save for the future with positive consequence!
JenniferPenfold customerVery simple app allows me to manage how much I add to my pension month by month which as a freelancer is invaluable.
JonathanPenfold customerSo glad I found Penfold. They have consolidated my previous pensions and got me on track to save for my future. Lovely customer service and great piece of mind for a freelancer! Highly recommend.
ZoëPenfold customerBeing self-employed as an IT contractor, it's so easy to forget about my pension all together because it often just feels like so much hard work to get it setup and make payments. Penfold make it super simple and easy.
MattPenfold customerI love that I can change the amounts I put in, whenever I want to, depending on my financial situation - which for a self employed person is invaluable.
BecciPenfold customerThe app is so easy to use and it’s really useful for people whose income fluctuates. Being self employed Penfold are 10/10 for me.
StevePenfold customerFor self-employed individuals whose income may vary throughout the year, the app ensures transparency, and you can vary your payments monthly. I would recommend it.
KPPenfold customerLove the app, it’s so clear - exactly what you need when you’re freelance/self employed and have to manage things largely on your own.
GemmaPenfold customerGreat way to start a pension if you are self employed and so easy so set up and play pause or top up so glad i've started.
JasonPenfold customerI'm a freelancer who didn't ever think about saving but now with the App I'm more motivated to save for the future with positive consequence!
JenniferPenfold customerVery simple app allows me to manage how much I add to my pension month by month which as a freelancer is invaluable.
JonathanPenfold customerSo glad I found Penfold. They have consolidated my previous pensions and got me on track to save for my future. Lovely customer service and great piece of mind for a freelancer! Highly recommend.
ZoëPenfold customerBeing self-employed as an IT contractor, it's so easy to forget about my pension all together because it often just feels like so much hard work to get it setup and make payments. Penfold make it super simple and easy.
MattPenfold customer
Why self-employed savers choose Penfold
- Flexible contributions
- Tax relief handled for you
- Bring old pensions together
- Choice of investments
- Retirement planning tools
- Friendly support
