A modern alternative to Smart Pension
Modern pension technology with more personal support.
Penfold combines an intuitive platform and payroll integrations with a dedicated account manager who knows your business.
Your employees get practical tools and support to help them understand and manage their pension too.
Whether you’re setting up a new scheme or switching from Smart Pension, we’ll help make the process straightforward.
Updated March 2026, information reviewed quarterly
Compare Penfold and Smart Pension
Smart Pension and Penfold both use technology to make workplace pensions easier to manage.
The difference is in the support around it. Penfold gives your business a dedicated account manager, alongside tools and guidance that help employers and employees get more from their pension.
- Technology backed by real people
Our platform helps make everyday pension administration straightforward, while your dedicated account manager is there when you need hands-on support.
- Support that knows your business
You’ll have one point of contact who can help with onboarding, payroll questions and ongoing pension administration.
- More visibility into engagement
Our engagement dashboard and employer insights help you understand how employees are interacting with their pension.
Comparing default fund performance
Investment performance can make a meaningful difference to employees’ retirement savings over time.
Over the five years to December 31st 2025, Penfold’s default fund delivered an annualised gross return of 9.3%, compared with 8.8% for Smart Pension.
Figures are net of investment fees but gross of provider fees. Past performance, actual or simulated, is also not a reliable indicator of future returns. All investments carry risk and your investment value can go up or down. Returns may increase or decrease as a result of currency fluctuations.
Figures for the Penfold Plan are based on a simulation, provided by BlackRock, of how the portfolio might have performed had these building blocks of the plan existed together over the last five years. It’s important to note that it cannot be definitively said exactly how this plan would have performed in the past. Simulations should not be taken as a guarantee of expected past or future performance, but are designed to be illustrative only. A full list of the assumptions made to generate the simulations is available and should be carefully considered.
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. 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.
More support around the employee experience
Smart Pension and Penfold both give employees digital tools to manage their workplace pension.
Penfold adds pension education and personalised guidance, while also giving employees the option to bring eligible pensions together in one place.
- Bring pensions together
Employees can combine old pensions with Penfold, making their retirement savings easier to see and manage in one place.
- Help employees understand their pension
Pension education gives employees more support to understand their workplace pension and how retirement saving works.
- Guidance when it matters
Personalised guidance helps employees understand their options and make more informed decisions about their retirement savings.
Technology with people behind it
Good pension technology can make administration easier. But sometimes you need to speak to someone who understands your business.
Penfold combines an intuitive platform with dedicated account management and practical support for employers and employees.
You get the technology to manage your pension efficiently, with people there when you need them.
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.
