Note that payments typically aren't processed on weekends or bank holidays - this can delay your payment allocation time.
Workplace pension contributions from your employer
Your workplace pension contributions are paid into your Penfold account by the end of the following month from your payday. In your Penfold account, these contributions are labelled with the relevant pay month. For example, if you received your salary on 30 September, your contribution will arrive by the end of October.
For one-off top-ups by bank transfer/instant payment
Both bank transfers and instant payments generally reach your Penfold account within 1 working day.
Personal contributions paid via Direct Debit
You can add money to your Penfold pension using Direct Debit, either as a one-off payment or a monthly recurring payment. Here's what to expect 👇
One-off Direct Debit payments
One-off Direct Debit payments
When you make a one-off top-up via Direct Debit:
Your payment is taken from your bank 4 working days after you request it
It then takes 2 working days for the money to appear in your Penfold account
If you already have a Direct Debit set up with us:
Requests made before 4pm are usually collected in 3 working days
Requests made after 4pm take an extra working day
If you set up a one-off Direct Debit on Monday the 1st, the funds are deducted from your bank account on Friday the 5th, and allocated to your bank on the following Tuesday the 9th.
Monthly recurring Direct Debit payments
Monthly recurring Direct Debit payments
When setting up a monthly payment:
The earliest day we can collect your first payment is 4 working days from the date you set the payment up
After that, your payment is taken on your chosen date each month
Once collected, your contribution appears in your Penfold account within 2 working days
if you've chosen to make your Direct Debit payment on the 10th of every month, the funds will be allocated to your bank account on the 12th.
If you need to update your monthly amount or date, you can do this anytime from the 'Monthly payment' tile in your dashboard.
Changing an existing monthly Direct Debit payment
Changing an existing monthly Direct Debit payment
If you update your monthly payment:
If your new chosen payment date is 3 working days or more away, the change will apply from the current month
If the new payment date is less than 3 working days away, the change will start from the next month instead
If your existing monthly payment is already being processed (because it's less than 3 working days away), it will still go ahead
A confirmation of your updated payment will appear in the Documents section of your Penfold account.
In some situations, we might need to review your payment before adding it to your pension pot. This can happen if:
You make a bank transfer without first setting it up on your Penfold account
You use an incorrect payment reference
You send the funds from a new bank account (regardless of payment method)
This review can take up to 10 working days.