The Penfold Plan is designed to work similarly to the Sustainable and Standard Lifetime Plans, with a few key differences.

Like the Sustainable and Standard Lifetime Plans, the Penfold Plan has three risk levels that adjust as you get closer to retirement. However, the Penfold Plan carries slightly more risk at each stage compared to the existing plans, aiming for higher long-term growth.

The way investments shift over time (the glidepath) is the same across all three plans, meaning you’ll move between risk levels at the same ages.

In short, the Penfold Plan follows the same structure as the Sustainable and Standard Lifetime Plans but with slightly higher risk at each stage to help grow your pension over time.