To make sure everyone can enjoy these new benefits, we’ll be moving all customers over to the Penfold Plan automatically ahead of its launch in late February (unless you’re in our Sharia plan or decide to stay with your current plan).
Here’s how the switch to the Penfold Plan will work:
If you’re in our Standard Lifetime or Sustainable Lifetime Plans, we’ll automatically move your pension pot to the Penfold Plan. Based on how close you are to retirement, we’ll match your current risk level to the equivalent level in the new plan. You don’t need to do anything — we’ll take care of this for you.
If you’ve picked a specific risk level in the Standard or Sustainable Plans, we’ll move your pension pot to an equivalent risk level in the Penfold Plan, so you can continue to choose your risk level yourself. We won't automatically map your risk level unless you ask us to. No action is needed on your part!
Here's how each existing risk level maps to the equivalent risk level in the Penfold Plan:
If you’re in our Sharia Plan, nothing will change — your money will stay 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.