Transfer “Top-Up” Offer December 2025

Top-Up Amounts

Terms and Conditions

1. This Top-Up Offer (the “Offer”) is available if you submit a transfer request via your Penfold Pension account between 4 December 2025 and 31 December 2025 at 11:59pm (the “Offer Period”).
2. The promoter of this offer is Penfold Savings Limited (“Penfold”), 79-81 Borough Rd, London, SE1 1DN. Subject to clauses below, the Offer is available to anyone who completes a transfer of their pension from other providers into the Penfold Pension.
3. Top-up will be paid in the amounts noted in the table above. If you transfer less than £1,000 you will not receive any Top-up.
4. Only cash transfer-in will qualify for the Offer. If you transfer in cash, the provider you are transferring from will sell your investments and send the proceeds directly to us. Once transferred, the money in your pension will be invested in line with Penfold Pension terms, in the fund selected by you when setting up your Penfold pension. The value of investments can go down as well as up, so you may get back less than you transfer.
5. This Offer excludes:
   1. Any transfers requested before 4th December 2025
   2. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions; and
   3. Any transfers requested after 31st December 2025
6. Any other new payment into your pension will not qualify for the Offer.
7. Any transferred pension will be subject to the Penfold Pension terms.
8. The value of your Top-up payment will be determined by the value of each individual transferred pension on completion of the final transfer, as set out in the table above. An individual pension transfer below £1,000 is not eligible for the Offer, even if combined with another transfer that would take the total value of transfers above £1,000
9. “Top-up” will be paid into your Penfold Pension. No cash equivalent is available.
10. The Top-up will be treated as a third party contribution and be eligible for tax relief depending on your personal circumstances.
11. The actual contributions from Penfold will be 75% of the amount in the table above. The remaining 25% is payable in tax relief only to customers who are eligible to receive it.
12. If you are not eligible to receive the 25% in tax relief, Penfold will not be responsible for making any further payments and the total “Top-up” you receive will be 75% of the amount in the table above.
13. Payments from Penfold will be made in 2 parts.
    1. The first payment for 50% of Penfold contribution to your Top-up incentive (i.e 37.5% of the total) will be made 3 months after final completion of your final transfer.
    2. The second payment for 50% of Penfold contribution to your Top-up incentive (i.e 37.5% of the total) will be made 24 months after final completion of your final transfer.
    3. Neither the first payment or the second will be made if you have transferred, or are in the process of transferring your pension away from Penfold, or have made any other withdrawal from the Penfold Pension by the time the payment is due.
14. To be eligible for this promotion the assets you move to us as part of this Offer must be held with us for at least 24 months after the completion of each transfer. The 24-month period starts on the date that each transfer is settled on your account.
15. In some circumstances, the payment into a pension scheme as represented by this Offer could result in any protection you have applied for to HMRC against the lifetime allowance being lost. If you fall into this category, or believe you do, please let us know and we will opt you out of this Offer
16. Please don’t transfer your pension just to get this Top-Up. You should only transfer if it’s right for you after considering costs, features and any benefits you may lose. You may want to seek independent financial advice.
17. It is important to compare providers’ fees and any guaranteed benefits when deciding on whether to transfer, and be sure that the investments available are suitable for you. If you decide to cancel your account with Penfold after your transfer is completed, or cancel your transfer (in line with your cancellation rights), and the value of your pot has gone down, the amount available to transfer out may be less than what you originally transferred. For more information on the risks see here.