Penfold charges 0.75% (or 0.88% for the Sharia plan) of your total pot each year.
The Lifetime, Standard, Sustainable, and Penfold Plans' 0.75% fee includes:
BlackRock's 0.17% investment platform fee - which is directly paid to BlackRock for investing your money.
Penfold’s 0.58% administration fee - which is paid to Penfold and its partners for administering your pension.
If your pension pot size is larger than £100,000, the fee is reduced to 0.4%. This includes BlackRock's 0.17% investment platform fee and Penfold's 0.23% administration fee on the portion of your savings over this amount.
The Sharia Plan's 0.88% fee includes:
HSBC’s 0.30% investment platform fee - which is directly paid to HSBC for investing your money.
Penfold’s 0.58% administration fee - which is paid to Penfold and its partners for administering your pension.
If your pension pot size is larger than £100,000, the fee is reduced to 0.53%. This includes HSBC's 0.30% investment platform fee and Penfold's 0.23% administration fee on the portion of your savings over this amount.
We have no other fees for exiting, transferring, or receiving documents.
How we take your fee
A proportion of the annual fee is calculated each day based on the value of your pension pot each day. These are then added up over the course of each month, and the fee for that month will be taken the following month. This means that if you were to add up all of the monthly fees taken by us they would work out to be 0.75% (BlackRock) or 0.88% (HSBC Shariah) of the average amount in your pension pot over the year.
The Penfold Plan’s fee structure is more transparent than other Penfold plans. The fee remains at 0.75%, the same as the Standard, Sustainable, and Lifetime plans, but now combines both Penfold’s and BlackRock’s (or HSBC’s, for the Sharia Plan) fees into one clear charge. Previously, BlackRock (or HSBC) took its fee separately from the fund, not visible in the app. With the Penfold Plan, the full fee is deducted from your pot, and you can see it in the app, but the overall cost remains the same.