To make sure everyone can enjoy the new benefits of the Penfold Lifetime, we moved all customers over automatically ahead of its launch in February (unless you were in our Sharia 100% equity or decided to stay with your current plan).
Here’s how the switch to the Penfold Lifetime went:
If you were in our Multi-asset Lifetime or ESG Lifetime Plans, we automatically moved your pension pot to the Penfold Lifetime. Based on how close you are to retirement, we matched your current risk level to the equivalent level in the new plan. You didn't need to do anything — we took care of this for you.
If you picked a specific risk level in the Multi-asset or ESG Plans, we moved your pension pot to an equivalent risk level in the Penfold Lifetime, so you can continue to choose your risk level yourself. We didn't automatically map your risk level unless you asked us to. No action was needed on your part!
Here's how each existing risk level maps to the equivalent risk level in the Penfold Lifetime:
If you were in our Sharia 100% equity, nothing changed—your money stayed in the Sharia 100% equity. But if you’d like to switch to the new Penfold Lifetime, you’re welcome to do so anytime in the app.