When you pay into your Penfold pension, the government gives your savings a boost through tax relief. This means for every £100 you add, the government usually adds another £25 on top – helping your pension pot grow faster.
Think of it like watering a plant: every contribution you make gets an extra sprinkle from the government, and over time, that growth really adds up.
Here’s how it works:
Personal contributions you make to your pension qualify for a 25% top-up.
Penfold automatically claims this for you and adds it straight into your account.
It normally takes 6–11 weeks for HMRC to process and pay in your top-up.
💡 Higher and additional rate taxpayers can claim back even more on their Self Assessment tax return. You can learn how in our guide: How much tax top-up will I get from the government?
👉 Keep in mind: contributions from your employer, salary sacrifice payments, or transfers from another pension don’t qualify for this tax relief, because they’re already made pre-tax.