The Penfold Plan comes at no extra cost—your pension fee will stay at 0.75%, the same as it was with our Standard and Sustainable plans. For the same price, you’ll get new investment options, full FSCS protection, a lower environmental impact, and the ability to help shape the future of the plan!

However, your fee will be more transparent. With our current plans, the fee is split between Penfold and BlackRock (or HSBC if you’re in our Sharia Plan). Penfold’s fee is taken directly from your pot, while BlackRock (or HSBC) takes its fee from the fund itself, which isn’t shown in the Penfold app.

To simplify things, we’re combining both fees into one clear charge you can see in the app. If you’re moving to the Penfold Plan, we’ll deduct the full fee from your pot and pay BlackRock separately. The fee in the app might look a bit higher, but don’t worry—it’s the same overall cost.

For other plans, you’ll still only see Penfold’s fee in the app, with BlackRock (or HSBC) taking its fee from the fund.