Penfold charges either 0.75% (for BlackRock’s funds), or 0.88% (for HSBC’s Shariah fund) of your total pot each year.
Let’s break this down:
BlackRock’s 0.75% fee.
- This includes BlackRock's 0.17% investment platform fee - which is directly paid to BlackRock for investing your money.
- This also includes Penfold’s 0.58% administration fee - which is paid to Penfold and it’s partners for administering your pension.
- Even better 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.
HSBC’s 0.88% fee
- This includes HSBC’s 0.30% investment platform fee - which is directly paid to HSBC for investing your money.
- This also includes Penfold’s 0.58% administration fee - which is paid to Penfold and it’s partners for administering your pension.
- Even better 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.
Last year we actually paused the fees between March and August as a very small gesture to our self-employed community. This means that no fees were taken over this time