Juro was founded by lawyers and software engineers to make the process of agreeing on contract terms fit for modern teams.
We spoke to Thomas Forstner, VP of People and Talent, and Abby Matthews, Senior People Partner, about how they’re using Penfold’s pension scheme to encourage employee retention by helping their employees better understand their pensions and save for a comfortable retirement.
Even before working with Penfold, Thomas was aware of the growing importance of pensions to employees.
“Pensions are a make-or-break benefit that cause employees in the UK to stay at their company or move,” said Thomas. “These days, people are thinking hard about how they can make their money work for them in the long term.”
For a People team building an engaged workforce, finding a provider that makes pensions accessible and attractive is crucial.
Juro also recognised that a hands-on pension provider would free the people team from mundane tasks so they can focus on big-picture projects.
“Being a People partner in a startup means I have a hectic life,” Abby said. “I have multiple fingers in multiple pies. One of the biggest issues I face is reducing the admin overhead that not just pensions, but benefits in general, can create.”
Thomas and Abby are prioritising building a successful and resilient team at Juro. With the inevitable ups and downs that come with any startup’s journey, it’s important that the team feel supported, Thomas explained.
To help frame employees’ view of pensions as a worthwhile investment in their future, Thomas and Abby introduced Penfold’s pension scheme.
Thomas says Penfold’s ability to engage staff has been a big step change compared to their previous provider, Aviva.
“With Penfold, we're able to visualise pension pots online and make changes easily, without the need to fill in forms. It feels like a fresh take on something that's been around for decades.”
The appeal of Penfold’s app has meant that people are more willing than ever to engage with their pensions. Thomas adds, “Having a provider that helps people track their pensions as active investments in the economy, versus a traditionally old stagnant provider, is a really useful tool to have in our corner.”
According to Thomas, it’s not just about being able to learn about your pension “in plain English” and “a dedicated customer support team” – it’s the option to “choose which pension pots to use, whether it's a classic fund or a Shariah fund, or one with a sustainability focus.”
Thomas says Penfold helps the team understand their money doesn't go into a void – it helps them see that “ultimately, they will be able to get a return on investment.”
"Penfold helps us create a team that wants to stay on a startup journey because they know that they're being taken care of and that we choose providers that align with our values,” said Thomas.
As well as helping Juro’s team engage with their pension, Penfold has unlocked the many hours the People team previously spent on repetitive, mundane tasks.
“Since I’ve been freed up from an admin burden, I’ve been able to spend that time on more important high-impact project work,” says Abby. “I don't have to be concerned about payroll time, so I can focus on the things that add more value to the business, like manager training.”
Employees also know that their wellbeing is considered in a holistic way. Thomas says, “Part of mental wellbeing is financial wellbeing – with Penfold, we can provide more support on this front for our team. We want to ensure people know where their money's going, and Penfold helps our team become more literate about where their paycheck goes, giving them a sense of how their pension serves them in the long run.”