Transfer Top-Up Offer

Who can take part? New and existing Penfold customers.

When can I apply? Request a pension transfer between 20 October and 18 November 2026.

How much do I need to transfer? Transfer at least £15,000 from another pension provider. You can combine multiple pension transfers.

How much will I receive? See below table

When must my transfer complete? By 30 April 2027. If it's delayed by us or your previous provider through no fault of yours, we can include it up to 31 July 2027, provided you've responded promptly to any requests.

When will I receive my Top-Up? We'll pay the first 50% of your Top-Up, 3 months after your qualifying transfer completes

What if I'm transferring multiple pensions? We'll add together your qualifying transfers as they arrive. If another transfer moves you into a higher reward tier, we'll increase your first-half Top-Up accordingly.

When will I receive the rest? You'll get the remaining Top-Up 12 months after we receive the final qualifying transfer.

Can I transfer money out before then? You can transfer out up to 25% of your original qualifying transfer amount without affecting your remaining Top-Up. If you transfer out more, you'll lose any Top-Up you haven't yet received. Withdrawing your pension won’t affect your Top-Up.

How is the Top-Up paid? It's paid into your Penfold Pension, not your bank account. The advertised amount includes potential tax relief: Penfold pays 75%, and the remaining 25% is added if you're eligible and HMRC provides the relief.

Is transferring right for me? Only transfer if it's right for you. Consider the costs, investment options and any valuable benefits or guarantees you might lose. Investments can fall in value, and you may want to seek independent financial advice.

This is a summary of the offer. Please read the full Terms and Conditions below for eligibility, exclusions, payment details and other important information.

Scroll right to see full table.

The gross Top-Up includes potential basic-rate tax relief. Penfold funds 80% of the gross amount; the other 20% depends on your eligibility for tax relief and receipt of that relief from HMRC.

1. Promoter

The promoter is Penfold Savings Limited (“Penfold”), The Ministry, 79–81 Borough Road, London SE1 1DN. Penfold is authorised and regulated by the Financial Conduct Authority (FRN 826097).

2. Offer Period and transfer requests

You must request a pension transfer using Penfold's supported transfer process between 00:00 on 20 October 2026 and 23:59 on 18 November 2026 (UK local time) (the “Offer Period”). This includes a request made when opening a new Penfold Pension.Ordinarily, Penfold must receive the cash proceeds of a qualifying transfer by 23:59 on 30 April 2027 (UK local time) (the “Standard Receipt Deadline”).If a transfer requested during the Offer Period remains in progress on 30 April 2027 because of delays at the previous provider or Penfold that are outside your reasonable control, and you have responded promptly to reasonable requests for information or action from us or your previous provider, we will also count it if we receive its cash proceeds by 23:59 on 31 July 2027 (UK local time) (the “Final Receipt Deadline”). We will assess the circumstances using the information available to us and may ask you for further details.Transfers first requested outside the Offer Period, and transfers whose proceeds we receive after the applicable deadline or, in all cases, after 31 July 2027, do not qualify. A permanently rejected, cancelled or uncompleted transfer does not count. These deadlines determine eligibility for the promotion only; your pension transfer may still proceed outside the Offer.

3. Who is eligible

The Offer is open to new and existing Penfold customers who have or open an eligible Penfold Pension, including SIPP and active or deferred workplace members. You may request several transfers during the Offer Period. Their eligible values are combined to calculate one overall Top-Up per customer.

4. Qualifying transfers

A “qualifying transfer” is a cash transfer from another pension provider into your Penfold Pension which you request during the Offer Period and which is subsequently completed.. Transfers from defined benefit schemes, pensions with safeguarded or otherwise guaranteed benefits, and transfers which Penfold cannot accept are excluded. New personal contributions, workplace pension contributions and transfers between Penfold accounts do not qualify. Transfers that have already been requested prior to the promotional period are not eligible - including transfers that are cancelled by the user and re-requested.

5. How the Top-Up is calculated

We add together the cash amounts actually received from all qualifying transfers. We use the amount credited on transfer, not subsequent investment gains or losses. The combined value must be at least £15,000. An individual transfer below £15,000 can count if other qualifying transfers bring the total to £15,000 or more. The table shows your total gross Top-Up; the maximum gross Top-Up is £5,000, including claimed basic rate tax relief.. Each qualifying transfer is counted once.

At each monthly payment run we assess the reward tier reached by qualifying transfers actually received so far. A transfer can increase a payment only after its applicable cancellation period has expired and it has not been cancelled. A later transfer which raises your reward tier can result in a further monthly payment; if the tier does not increase, no extra interim payment is due. The final reward tier is determined using qualifying transfers received no later than 31 July 2027, subject to the applicable receipt and cancellation rules. The second-half payment date is based on the date we received your final qualifying transfer, as set out in clause 6.

6. When the Top-Up will be paid

We pay the Top-Up into your Penfold Pension as one or more third-party pension contributions. The advertised amounts are gross amounts, including potential basic-rate tax relief. There is no cash alternative.

First payments: Once qualifying cash received reaches £15,000 and 3 months has expired for the transfers being counted, you can qualify for the next payment (payments are made monthly). Before the payment, we calculate 50% of the gross Top-Up for the tier reached by eligible transfers at that time, less all gross Top-Up amounts already awarded under this Offer. We award a payment only if this calculation is positive and clauses 7 and 8 permit payment. A later qualifying transfer that raises your tier can generate a further payment of 50% of the increase. No payment is calculated on an estimated or pending transfer.

Final payment after 12 months: The outstanding part of your Top-Up becomes eligible 12 calendar months after Penfold received the cash proceeds of your final qualifying transfer (the “Final Eligibility Date”). At that date, we calculate the full gross Top-Up from your final combined qualifying transfer value and subtract gross Top-Up amounts already awarded, and award any remaining positive balance If a relevant cancellation or outgoing-transfer request remains unresolved, we may defer an affected unpaid amount until its outcome is confirmed.

7. Qualifying for your final Top-Up payment

To qualify for the outstanding balance of your Top-Up, your qualifying transferred money should remain with Penfold until the Final Eligibility Date (defined in clause 6), subject to the following flexibility. You may complete outgoing pension transfers totalling up to 25% of the combined original cash value of your qualifying transfers and still receive the outstanding balance. If your completed outgoing pension transfers exceed this allowance before the Final Eligibility Date, you will not qualify for any further unpaid Top-Up amounts. We count outgoing pension transfers from the date Penfold receives your first qualifying transfer.The allowance is based on the combined cash value of qualifying transfers actually received within the deadlines in clause 2, not later changes in investment value. Market movements do not count as money transferred away. We exclude outgoing requests that are cancelled or finally rejected without completing. While an outgoing transfer is pending, we may pause any affected unpaid reward until its outcome is known.Before the final calculation, we may pause additional monthly payments if completed or pending outgoing transfers would exceed 25% of the qualifying cash received so far. The final decision on your unpaid reward uses the qualifying transfers received by the applicable receipt deadline. These terms do not restrict your statutory pension transfer rights.

8. What happens if you transfer money away?

If completed outgoing pension transfers exceed the 25% allowance before the Final Eligibility Date (defined in clause 6), no further unpaid Top-Up will be awarded, including unpaid monthly increases and the final balance. If you start an outgoing transfer that could breach the allowance, we may pause an unpaid payment while that request is resolved. We will not ask you to repay any Top-Up amounts already paid under this Offer merely because you subsequently transfer your pension elsewhere.If an incoming qualifying transfer is cancelled during its cancellation period, it will not be counted in subsequent reward calculations. We do not make a payment based on a transfer while its cancellation rights remain open. Your ordinary pension transfer, cancellation and withdrawal rights continue to apply.

9. Retirement, ill health, death and scheme moves

The conditions in clauses 7 and 8 do not apply to ordinary retirement-benefit withdrawals, withdrawals on grounds of ill health, death, or a Penfold-initiated scheme move. These events will not, by themselves, cause the Top-Up to be withheld or repayment requested. Any contribution remains subject to pension scheme rules and the ability to credit an eligible pension account. Please contact Penfold if your circumstances change before payment.

10. How tax relief works

The advertised gross Top-Up assumes you qualify for basic-rate tax relief at source. Penfold pays 75% of the gross amount shown in the table as a third-party pension contribution on your behalf. If you are eligible, the scheme administrator will claim the corresponding basic-rate relief from HMRC and add it to your pension when received. If HMRC relief is not available, Penfold will not make up the shortfall, so you will receive only the Penfold-funded 75%, subject to the pension accepting that contribution. Any further higher-rate or additional-rate relief is not included and, where applicable, is your responsibility to claim.

11. Pension tax allowances and protections

The Top-Up is a pension contribution in your name and may count towards your pension annual allowance, any applicable money purchase annual allowance and the tax-relievable contribution limits in the tax year in which it is paid. Eligibility for tax relief depends on your circumstances and HMRC rules, including age and relevant UK earnings. Some pension protections, including protected tax-free lump-sum rights, may be affected by new contributions. If you hold a protection, or are unsure whether additional contributions are suitable, contact Penfold before the Top-Up is paid to discuss opting out and consider specialist tax or financial advice.

12. Important pension-transfer risks

You should only transfer a pension if it is right for you, after considering the costs, features and any benefits you may lose. It is important to compare the fees and investment choices of your existing provider with those available at Penfold, including any guaranteed benefits you would be giving up. Consider whether the investments available are suitable for you. You may want to seek independent financial advice.With a cash transfer, your current provider will normally sell your investments, which can mean your pension is out of the market during the transfer. The value of investments can go down as well as up. If you cancel your Penfold Pension after your transfer is completed, or cancel your transfer in line with your cancellation rights, the amount available to return or transfer to another provider may be less than you originally transferred if your pension has fallen in value. For more information about the risks, see Penfold’s guide to combining pensions: https://help.getpenfold.com/en/articles/13002474-what-should-i-check-before-combining-pension-pots.

13. Cancelled, rejected or uncompleted transfers

A request that is cancelled, finally rejected for a reason that cannot be remedied, or otherwise never completes is not a qualifying transfer. An administrative delay, or a rejection with a correctable issue that is later resolved, does not by itself disqualify a request made within the Offer Period. If you exercise your statutory cancellation rights after completion, the cancelled transfer will no longer count towards your qualifying transfer value and any Top-Up entitlement will be recalculated or lost. If investment values have fallen, the amount available to return or transfer may be less than the sum originally transferred.

14. Other terms

Transfers and pension investments are subject to the Penfold Pension terms and scheme rules. The Offer does not restrict your statutory cancellation, withdrawal or transfer rights. Any use of the repayment provision in clause 8 is subject to applicable law. For questions, contact Penfold using its usual support channels.