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.

A Free Alternative to Smart Pension with Higher Fund Returns

Penfold is a modern, tech-driven alternative to Smart Pension, offering better default fund performance and no fees for employers or advisers.

With advanced payroll tools, dedicated account managers, and a focus on financial wellbeing, Penfold simplifies workplace pensions for businesses while empowering employees to save for a comfortable later life.

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Updated March 2026, information reviewed quarterly

Comparison table of Penfold Group Personal Pension and Smart Pension Master Trust. Both have a 5 star Defaqto rating. Trustpilot ratings: Penfold 4.7, Smart Pension 4.7. Penfold has £0 employer/adviser fees; Smart Pension charges £22 monthly, £30 for BACS, £30/hour reconciliation. Both offer dedicated account manager, managed onboarding, launch event, compliance support, salary sacrifice support, payroll integrations, payroll processing support, and pension benchmarking.

Why Businesses Choose Penfold Over Smart Pension

Penfold delivers more personalised support than Smart Pension and no fees, giving businesses greater control and efficiency:

No Hidden Fees
Penfold charges no fees for employers or advisers, eliminating hidden costs for businesses. In contrast, Smart Pension charges £22 monthly for accounts, £30 for BACS payments, and £30 per hour for reconciliation services, making Penfold the more cost-effective option.
Comprehensive Business Support
With Penfold, businesses benefit from a dedicated account manager, ensuring seamless onboarding, payroll integration, and compliance support.
Ratings That Reflect Excellence
Penfold proudly holds a 4.7-star rating on Trustpilot, showcasing our commitment to outstanding customer satisfaction and service excellence. Additionally, our 5-star Defaqto rating underscores the strength and quality of our pension offering for businesses.

Bar chart comparing default fund performance (annualised returns over 5 years to 31st December 2025). Penfold shows 9.3% gross returns and 8.4% net returns. Smart Pension Sustainable shows 8.8% gross returns and 8.3% net returns. Penfold outperforms Smart Pension in both categories.

Fund Performance: Helping Employees Save More

Strong fund performance is critical to securing employees’ financial futures. Penfold’s default fund, managed by BlackRock, consistently outperforms Smart Pension’s Sustainable default. Over the past five years:

Penfold: 9.3% (gross) / 8.4% (net) annualised returns
Smart Pension: 8.8% (gross) / 8.3% (net) annualised returns
Penfold’s high-performing funds means employees’ pension savings grow faster, providing better retirement outcomes compared to Smart Pension’s default plans. For businesses, this helps attract and retain top talent.
This information should not be regarded as financial advice and past performance is not a reliable indicator of future performance.

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. These annualised returns are based on data for the five years to 31 December 2026. 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.

Returns for Penfold are based on a customer invested in our default Standard Lifetime plan, assuming a total fee of 0.75% (including investment costs). Returns for Smart Pension are based on customers invested in their Sustainable Growth default, with estimated fees of 0.30% AUM (including investment costs) and a £1.75 monthly fee. Actual fees for individual members may vary.

Comparison table of Penfold and Smart Pension. Both offer an app, sustainable and Sharia funds, pension consolidation, savings goals/nudges, financial wellbeing, and education programs. Penfold has 11 funds, Smart Pension 18. Only Penfold offers shareholder voting. Penfold’s fees: 0.75% (0.40% for £100k+), 0.88% Sharia (0.53% for £100k+); Smart Pension: 0.30% plus £1.75 monthly admin fee. Penfold has no other employee fees.

A Better Pension Experience for Employees

Employees deserve a workplace pension that engages them and supports their savings goals. Here’s how Penfold compares to Smart Pension:

User-Friendly App
Penfold’s app allows employees to manage their pensions anytime, offering insights into savings, investment performance, and retirement goals. Smart Pension also offers an app, but its functionality is less tailored to enhancing employee engagement and financial control.
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.
Comprehensive Employee Tools
Penfold includes features like savings nudges, retirement income forecasts, and a financial wellbeing program to empower employees. While Smart Pension offers more investment funds, it lacks tools like shareholder voting, education programs, and savings goal setting, reducing its overall value for employees.

What Makes Penfold Stand Out?

Expert Support When You Need It
Penfold’s dedicated account managers provide hands-on support, ensuring your pension scheme runs smoothly from onboarding to day-to-day operations. In contrast, Smart Pension offers less personalised service, leaving businesses to manage complex processes alone.
Transparent Costs
With no employer fees and a straightforward fee structure for employees, Penfold offers a more predictable and cost-effective solution. Smart Pension’s additional admin fees make it less appealing for both businesses and employees.
Employee Engagement
Penfold’s engaging app and financial wellbeing tools empower employees to save more effectively, increasing satisfaction and retention. For businesses, this means a happier, more secure workforce.

With Smart, there was barely any support with onboarding. I remember setting it up online and connecting it to my payroll software without speaking to anyone. When I wanted to move the pension scheme, I had to fill out a form. It would have been nice if somebody contacted me, but it seemed like they were too big to care. 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, Metcalf’s Accountancy Services

Metcalf’s Accountancy Services