Success story

CloudCFO: Turning Compliance into Value for Clients with Penfold

“Penfold transformed auto enrolment pensions from a compliance exercise into a value-added service for our clients and their teams.”

- Rich, Founder of CloudCFO

Inspired by Rich and Luke’s journey with Penfold? Turning auto enrolment workplace pensions from a box-ticking compliance exercise into something that can really add value for your clients starts here: Request information

Meet CloudCFO

CloudCFO offers outsourced finance functions and virtual FD services. Known for building close relationships with clients to understand their personal and business goals, CloudCFO is dedicated to providing best-in-class apps to streamline processes and add value.

Challenge: Pensions are Traditionally Low Value

Traditionally, auto enrolment pensions have been seen as merely a compliance checkbox for both CloudCFO and their clients, according to Rich:

Auto enrolment pensions have basically just been a line item on a pay slip, a piece of compliance that you kind of have to do. There's very little value-add.

Solution: Penfold’s Value-Adding Pension

CloudCFO aims to build close relationships with clients to understand their business goals – a key part of that is providing clients with the best-in-class apps available to make their processes as seamless and value-adding as possible. Rich says that Penfold's arrival presented an exciting opportunity for CloudCFO to offer a more engaging and valuable pension solution:

When Penfold came along, we were excited and enthused to be working with something that actually looks like it can add value to both the employee and the employer.

User-Friendly App for Employees

Penfold's app provides a significantly more engaging experience for employees. They can easily view their contributions, forecast their retirement income, and choose where to invest their funds. Rich said:

For the employee, they're getting a way more engaging experience through an app where they can see all their contributions going in. They can forecast their retirement income and they can choose where they want the funds invested

Attracting and Retaining Talent for Employers

For employers, Penfold serves as a valuable tool to attract and retain employees. Rich says that by offering a transparent and user-friendly pension plan, employers can enhance their appeal to current and prospective team members:

For the employer, it's a tool they can actually use to attract and retain their team.

Seamless Integration and Support

Introducing clients to Penfold has been straightforward, thanks to Penfold's clear communication and support materials. This approach minimises the administrative burden on CloudCFO, allowing them to focus on other aspects of their service. Luke, Virtual Finance Director at CloudCFO, said:

Penfold explained the process from start to finish. They provide us with all the materials we need to share with clients.

Efficient Setup and Management

Switching to Penfold is quick and simple, with minimal setup time. Penfold handles the shutdown of old schemes and facilitates the transfer of pension pots, making the transition smooth for all involved. Rich shared his experience:

The setup time is really short so we can get moving quickly when we've got a new client to come on board or a client that we want to convert from another provider over to Penfold.

Dedicated Support and Easy Administration

One of the standout features of Penfold is the dedicated account manager provided to clients, according to Luke:

One of my difficulties in the past with pension providers is that it's really difficult to speak to someone to get the advice you need. With Penfold, that's completely different. We have a dedicated account manager so when we have any queries or any issues, there's someone on hand to give us the support we need.

The administration of pensions through Penfold is also straightforward, Rich added:

The administration and the uploading of data is really simple. We just drag and drop a file into the portal – it's all done.

Positive Client Feedback

Clients have responded positively to Penfold, particularly appreciating the app's forecasting tool. Luke shared:

The client feedback has been brilliant so far and they can't wait to roll it out to employees. In particular, they love the app, including the forecasting tool, where they can see how much money they've got in their pension and how much they can expect to have when they retire. It's an investment in their future.

Results and Recommendation

Luke says that Penfold has successfully transformed pension auto enrolment from a mere compliance task into a value-added service for CloudCFO's clients:

We’ve found that Penfold is a great way to turn auto enrolment pensions from a box-ticking compliance exercise into something that can really add value for our clients and their team members.

If you're looking for a modern, tech-based, value-added approach to pensions, Penfold are the best out there.

Ready to transform your auto enrolment pension experience like CloudCFO? Speak to our team and discover how Penfold can improve your workplace pension services.

Request more information

Read more success stories

Request information about our workplace pension

Join 1,000s of businesses already working with the only pension provider that offers a dedicated account manager.

Request information