How much does Penfold charge?
How much you pay depends on how you joined Penfold:
If you joined Penfold through your employer, your annual fee is agreed directly between your employer and Penfold, and may vary from our standard rate – it's often reduced. We'll always tell you the exact fee that applies to you before you join.
If you opened your pension directly with Penfold (not through an employer), our standard annual fees are:
0.75% of the value of your pension pot each year for the Lifetime, Standard, Sustainable and Penfold Plans.
0.88% of the value of your pension pot each year for the Sharia Plan.
What’s included in the annual fee?
Lifetime, Standard, Sustainable and Penfold Plans
The standard 0.75% annual fee includes:
0.17% investment management fee, paid to BlackRock for managing your investments.
0.58% administration fee, paid to Penfold and its partners for administering your pension.
If the value of your pension pot is over £100,000, the administration fee is reduced on the portion of your savings above this amount. This means you'll pay a total annual fee of 0.40% on that portion, made up of:
0.17% investment management fee (BlackRock)
0.23% administration fee (Penfold)
Sharia Plan
The standard 0.88% annual fee includes:
0.30% investment management fee, paid to HSBC for managing your investments.
0.58% administration fee, paid to Penfold and its partners for administering your pension.
If the value of your pension pot is over £100,000, the administration fee is reduced on the portion of your savings above this amount. This means you'll pay a total annual fee of 0.53% on that portion, made up of:
0.30% investment management fee (HSBC)
0.23% administration fee (Penfold)
If you joined through your employer
Your fee may vary from the standard rate above, and is often reduced as part of your employer's arrangement with Penfold. We'll confirm the exact fee that applies to you before you join, so you know what you'll pay upfront.
How we calculate your fee
Your annual fee is calculated daily based on the value of your pension pot. The daily amounts are added together over the course of each month, and the fee is then deducted from your pension the following month.
Because the fee is based on the value of your pension, the amount deducted each month may vary as your pension grows or falls in value.
Are there any other charges?
No. We don't charge fees for:
transferring your pension to or from Penfold
making pension contributions
providing documents.