This is the killer question! 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. Have a play with our pension calculator to find out more.

Penfold is designed for maximum flexibility, so you can pause or stop your contributions at anytime, make one-off topups, 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 do make a contribution, the minimum amount we can process is £10.

Yes. We can help you track down and consolidate all your old pension pots. Just click the "Find and Combine" button when you've set up your account, provide what information you can, and we'll get started. We'll keep you informed every step of the way.

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. 

You'll pay an annual fee between 0.75% and 0.88%, depending on the plan you choose. We'll automatically deduct a portion of your annual fee from your pension in 12 monthly instalments.

If your pension pot size is larger than £100,000 the fee is reduced to either 0.4% or 0.53%, depending on the plan you choose, on the portion of your savings over this amount.

Read more about our pension plan fees.

Once you reach 55 (or 57 from 2028 onwards) you can withdraw your Penfold pension. There's no restrictions with how you take your Penfold pension, you can go into drawdown, take a lump sum or as purchase an annuity.

The withdrawal process is entirely digital, so there's no hassle with forms on your behalf.

You can nominate a friend or family member to be the legal recipient of your Penfold pension if something happened to you, also known as a beneficiary. You can add, edit and change your pension beneficiaries in minutes on your Penfold account.

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.

We at Penfold don’t hold or manage your money. Anything you pay into your pension with us first goes into a secure account held by a highly regulated custodian bank. It’s held here for usually just 1 business day before being used to buy into your investment plan, managed by some of the world’s largest money managers.

Here’s the important thing to remember: Your savings are your savings. All of your pension is kept separate from us and belongs entirely to you. This means if anything were to happen to Penfold, your money can’t be touched by us or any of our partners. Your pot will be transferred to another pension provider, ready for your retirement.

With Penfold, the money you pay into your pension is invested. Your savings are used to buy a mixture of shares (part ownership in a company) and bonds (a loan with a guaranteed fixed interest rate) that will hopefully help your pot 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.

Check out this guide to learn more about investing risk. 

Penfold is regulated by the Financial Conduct Authority (FCA), number 826097.

This means that by law, we have to abide by all the rules set out by the FCA - these guidelines help keep your pension secure. Read more about the Financial Conduct Authority.

Penfold is also a part of the Financial Services Compensation Scheme (FSCS).

In the very unlikely event that something were to happen to Penfold or our partners (BlackRock 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.