When you’ve transferred your full Penfold pot to another pension provider’s account, there can sometimes still be some funds left in your pot. These are known as residual funds.

What are residual funds?

‘Residual funds’ is the term used to describe funds that land in your account following the closure of your account (for example, after a transfer out).

Why does this happen?

Residual funds are common following a transfer out, as there could still be events that trigger cash landing in your account. For example, you could receive a tax relief payment that was due following the main transfer being processed.

We regularly check customers’ accounts after they have transferred out to catch these residual funds, but feel free to reach out to us if you notice this sooner—just send us a message. We will be happy to look into this and get the funds sent to your new provider.