I'm the only employee. Do I need a workplace pension?
If you're the director of your company and the only employee, you may not need a workplace pension scheme.
Instead, you can use a Penfold Director's Pension.
A Director's Pension is a personal pension account designed for company directors. It gives you the flexibility to save for retirement while still allowing your company to make employer contributions.
How does a Director's Pension work?
With a Director's Pension, you can make contributions from:
Your company bank account as employer contributions
Your personal bank account as personal contributions
You'll receive the same great benefits as you would with a workplace pension, but with more flexibility over how and when you contribute.
Why choose a Director's Pension?
A Director's Pension is ideal if you're the only employee because:
There's no need to run a workplace pension scheme
You can contribute as much or as little as you like
You don't need to make regular monthly payments
You can make one-off or ad hoc contributions whenever it suits you
You can even make instant payments from your company bank account
đĄ Good to know: Company contributions can be made as employer contributions, making a Director's Pension a flexible option for business owners.
What if I've already enrolled myself in the workplace scheme?
That's no problem. If you've already enrolled yourself in your workplace pension, your personal Penfold account already exists.
We'll simply:
Remove you from the workplace pension scheme
Close the workplace scheme if it's no longer needed
Allow you to continue using your personal pension as a Director's Pension
This means you can keep saving without needing to manage a workplace pension scheme.
Learn more
You can find out more about the Director's Pension and how to set one up in our dedicated guides:
Need help?
If you're the only employee in your business and would like to switch from a workplace pension to a Director's Pension, contact us at autoenrolment@getpenfold.com and we'll be happy to help.