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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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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 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

Penfold provides a dedicated account manager to support businesses at every step, from onboarding to ongoing payroll processing. In contrast, Smart Pension doesn’t offer this level of hands-on assistance, leaving businesses to manage more of the process on their own.

Ratings That Reflect Excellence

Penfold is rated 4.5 stars on Trustpilot, reflecting exceptional customer satisfaction and service excellence. While Smart Pension scores slightly higher at 4.7 stars on Trustpilot, its 4-star Defaqto rating falls short of Penfold’s 5-star standard, highlighting Penfold’s superior offering for businesses.

A comparison chart between Penfold and Smart Pension. Penfold offers a group personal pension, rated 5 stars by Defaqto and 4.5 stars on Trustpilot. Smart Pension provides a master trust with a 4-star Defaqto rating and 4.7 stars on Trustpilot. Penfold has no employer or adviser fees, while Smart Pension charges £22 monthly for accounts, £30 for BACS payments, and £30 per hour for reconciliation. Penfold offers all listed services, including a dedicated account manager, managed onboarding, compliance support, salary sacrifice support, payroll integrations, and pension benchmarking, which Smart Pension lacks in some areas.

Fund Performance: Helping Employees Save More

Strong fund performance is critical to securing employees’ financial futures. Over the past five years, Penfold’s default fund, managed by BlackRock, has delivered annualised returns of 7.6% (gross) and 6.8% (net), significantly outperforming Smart Pension’s 6.2% (gross) and 5.8% (net).

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.

A comparison chart of default fund performance over 5 years to 30 September 2024. Penfold’s gross returns are 7.6%, outperforming Smart Pension’s 6.2%. Penfold’s net returns are 6.8%, higher than Smart Pension’s 5.8%. The chart uses colored bars to visually represent the differences in annualized returns, highlighting Penfold’s superior performance.

Returns are based on data collected by investment advisors DWA from a variety of sources including individual providers and data published on Morningstar. These are annualised returns are based on data in the 5 years to 30 September 2024. Returns for Penfold are based on a customer being invested in our default Standard Lifetime plan. Competitor returns are based on customers invested in their default plans.DWA have estimated the Gross Returns based on available information for a member with a typical pot size of £10,000 and an average salary of £30,000. DWA have estimated the Net Returns 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.

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.

Transparent Fees

Penfold’s simple annual management charge starts at 0.75%, with lower rates for balances over £100k. There are no additional employee fees. While Smart Pension has a lower base fee of 0.30%, its £1.75 monthly admin charge adds costs over time.

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.

A comparison chart between Penfold and Smart Pension. Both offer an app, sustainable and Sharia funds, and features like finding and combining pensions, savings goals, and savings nudges. Penfold offers 10 investment funds, while Smart Pension offers 18. Penfold includes shareholder voting, financial wellbeing, and education programs, which Smart Pension lacks. Annual management charges: Penfold 0.75% (lower for balances over £100k), Smart Pension 0.30%. Smart Pension has a £1.75 monthly admin fee; Penfold has no extra fees.

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 at Metcalf’s Accountancy Services

How to Choose the Right Workplace Pension

Step 1: Assess Your Needs

Identify where your current provider falls short. Do you need better support, no business fees, or features to boost employee engagement?

Step 2: Compare Providers

Evaluate how Penfold and Smart Pension match your business needs. Look at fees, fund performance, and support to choose the best fit.

Step 3: Plan Your Switch

Penfold’s account managers ensure a seamless transition, minimising disruption and setting teams up for long-term success.

Why Businesses Are Switching to Penfold

Save Time

Automate payroll and pension contributions.

Boost Compliance

Stay on top of regulatory requirements effortlessly.

Support Employees

Offer a pension scheme that’s easy to use and engaging.

Ready to upgrade your workplace pension? Join thousands of businesses already transforming their schemes with Penfold.

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