Choosing the best workplace pension provider can be tough. Today, there are a number of workplace pension schemes available, all with a unique blend of pros and cons.
What’s worse, it isn’t always easy to compare different providers - particularly when each scheme seems to have a completely different fee structure. Which provider actually offers value for money?
In this guide, we’ll take a thorough, candid look at the best UK workplace pension providers around, including Penfold's workplace pension.
One last thing. You’re reading a pension provider comparison article by one of those being compared (us!) so you might be assuming that we’re just going to big ourselves up. Well, you’re only partly right.
We work really hard to offer the best product out there because we know that pensions can be better than they currently are.
We want every pension provider to be better, because people really need them to be if they’re going to have a comfortable retirement. If they’re boring or difficult, it’s too easy for people to switch off.
So let’s see what’s on offer.
First, let’s draw up the shortlist.
For this list, we’ve looked at the top workplace pension scheme providers available to businesses of any size. This means we’ve excluded some of the bigger providers due to their high fees and more ‘hands-off’ approach to support. That leaves us with five options:
To help you compare workplace pension providers and find the right option for your business, we looked at these providers across several areas. We considered how user friendly each pension is, the features they offer and how users rate them, along with their performance and cost. You can see all of this in the chart below. We’ve also provided a bit more information about each below.
As you can see, Penfold makes it effortless for companies and their employees to manage their pension.
By offering an online dashboard and first-rate app, it’s easy to check in on how their pension is doing (and see just how their employer is contributing) whenever they like.
We’re also the only workplace provider that offers one-on-one relationship management, integrating directly into your company messaging platform so that we’re available, whenever you need us.
Another crucial part of choosing a pension is performance. How well will your scheme help your team grow their pots?
The graph below looks at annualised growth for each provider’s default workplace pension fund - the plan most employees are on. It compares Penfold with our peers based on actual annualised returns between June 2019 and December 2022.
Now we’ve compared some of the best workplace pension schemes available, let’s change the focus a little. Which of these providers is best for small or scaling businesses?
Great workplace pension providers for small employers will need to offer a little more than usual - going above and beyond to help you set up, manage and run your pension.
It might be your first time offering a pension to employees (or even your first real experience with a pension of your own). Thankfully, many of the providers mentioned above have everything you need to get rolling.
At Penfold, we have a dedicated team of pension experts to help you every step of the way. And once you’re up and running, we won’t disappear.
Enjoy a 1-on-1 relationship with a dedicated customer manager who will own your pension scheme - you’ll never need to answer a pension question from your team again.
Digital, fast-growing businesses love Penfold for our:
Discover the intuitive pension app that your employees will love.
Find and combine old pensions, set savings goals and get a notification whenever your employer contributions land.
Enjoy 1-2-1 account management and support from our friendly team of pension experts.
Always available online, on the phone or directly via your Slack or work chat.
Access free training and workshops to improve your teams' financial literacy and support their wellbeing.
We provide guides, videos and FAQs so your team gets the most value out of your most expensive benefit.
Let your employees save in line with their ethics with investments that aim to make a positive impact on the world without sacrificing growth.
Or they can choose from our Lifetime, Standard or Sharia funds.
90% of UK workers say their company pension influences whether they stay or leave their current role.*
Get a free pension consultation so you can design the right scheme for your business, benchmark your current scheme against your peers and step up your pension offering as you grow.
*Based on a 2022 survey of 2,000 UK employees.
Support your teams’ financial wellbeing with an engaging pension experience they’ll use and appreciate.
Help your team reach their retirement goals with our highly rated app with goal setting for contributions, a track-and-transfer service for complete visibility of savings and a forecast tool to understand their future pension pot.
Access a free of charge education programme to improve your teams’ financial literacy.
Jargon-free pension support is only a phone call away with dedicated 1-2-1 account management that offers payroll support and weekly check-in calls.
Switching is easy with fully-managed onboarding for your team.
"Penfold have the tools and service to make you think and feel confident about your future, and help you make the right decisions along the way."
"I really can’t imagine losing the visibility and slick experience Penfold's app provides and so will be sticking with Penfold throughout my career."
"Penfold opened my eyes to what value a pension can actually bring you. I now have full control with Penfold as my source of truth for all pensions!"
We’ve helped hundreds of businesses change providers so we know how to deliver an accurate and efficient switch over for you and your team.
We do the work involved in switching you over, including contacting your current provider to initiate the change and un enrolling your employees.
We provide a suite of guides, templated emails, FAQs and dedicated account management to support you and your team throughout.
We can work to your timelines. The switchover can be completed within a few weeks or stretched over a quarter. It’s entirely up to you.
If you're interested in finding out more about Penfold's workplace pension, simply enter a few details and we'll get back to you with more information.
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