To make sure everyone can enjoy the new benefits of the Penfold Plan, we moved all customers over automatically ahead of its launch in February (unless you were in our Sharia plan or decided to stay with your current plan).
Here’s how the switch to the Penfold Plan went:
If you were in our Standard Lifetime or Sustainable Lifetime Plans, we automatically moved your pension pot to the Penfold Plan. 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 Standard or Sustainable Plans, we moved your pension pot to an equivalent risk level in the Penfold Plan, 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 Plan:
If you were in our Sharia Plan, nothing changed—your money stayed in the Sharia Plan. But if you’d like to switch to the new Penfold Plan, you’re welcome to do so anytime in the app.